Bitcoin Price Prediction: BTC/USD Regains $18,600 and $18,800 Price Levels, Resumes Upside Momentum

Bitcoin (BTC) Price Prediction – December 12, 2020
Today, BTC/USD is struggling to push above the $18,800 high after recovering the $18,600 price level. Traders believe that when these price levels are regained, Bitcoin will resume the upside momentum. The reason for the price movement was because Bitcoin has remained stagnant and calm in the price range between $17,600 and $18,600.

Resistance Levels: $13,000, $14,000, $15,000
Support Levels: $7,000, $6,000, $5,000

BTC/USD – Daily Chart

The recent upward move is not unconnected with the news that MicroStrategy will be purchasing $650 million in the coming weeks and months. Today, Bitcoin has broken above the $18,800 high and approaching the $19,000 price level. On the other hand, Bitcoin dropped to $17,600 low, last week when the U.S dollar appreciated.Meanwhile, Bitcoin has risen to $19,000 at the time of writing. A retest at the $19,600 and $19,740 is likely. Meanwhile, BTC is at 80% range of the daily stochastic. It indicates that Bitcoin is in the overbought region of the market,

Bitcoin Book Breaks into the Top 3 on Amazon’s Macroeconomics List
Bitcoin has become one of the top three on Amazon’s macroeconomics bestseller list. The book was released on December 2 and it is authored by Bitcoin evangelist Jason Williams, .entrepreneur and co-founder of Morgan Creek Digital Assets — the crypto-focused investment arm of Morgan Creek Capital. Bitcoin book is broken down into three main sections that include why Bitcoin matters now, a brief history of money, and how BTC can become the next global reserve currency.

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin has regained the $18,600 and $18,800 price levels The Fibonacci tool will hold if the price breaks above the $18,600 high. Bitcoin will reclaim the previous high and resume the upside momentum. On December 1, a retraced candle body has tested the 61.8% Fibonacci retracement level. The retracement gives us the impression that Bitcoin will rise and reach level 1.618 Fibonacci extension or the high $22,171.40.

Remember, all trading carries risk. Past performance is no guarantee of future results.

Azeez Mustapha is a technical analyst with many years trading experience in the stock exchange and crypto markets. He has broad experience in forex trading, coaching, and funds management.