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Bitcoin Price Prediction: BTC/USD Rebounds and Makes Positive Moves, Can the Bulls Sustain an Upturn?

Bitcoin (BTC) Price Prediction – December 13, 2020
Today, it has been confirmed that the BTC/USD price has broken through the $18,600 to $18,800. If the bullish momentum is sustained the bearish divergence has been overcome. The previous resistances have been overcome. BTC is likely to resume upside momentum.

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

BTC/USD – Daily Chart

Bitcoin rallies are expected to resume once the $18,600and $18,800 price levels have been reclaimed completely. For now, the BTC price has rebounded swiftly and broken through the major price levels. The bulls have to sustain the current bullish momentum. However, before now BTC price has been stagnant for the past week. At a time, buyers were struggling to sustain above the $18,000 price level. The bulls have broken the 21-day and 50-day SMAs which suggests an upward movement of the coin. As the upward move resumes, BTC is likely to face the resistances at $19,400 and $19,600. A retest at the $19,740 overhead resistance is likely if the minor resistances are cleared.

Bitcoin (BTC) Indicator Reading
Bitcoin has risen to level 57 of the Relative Strength Index period 14. It indicates that Bitcoin is in an uptrend zone. Presently, the BTC price is above the SMAs. The market will rise as long as the price is sustained above the SMAs. The king coin is above the 80% range of the daily stochastic. It indicates that the market is in the overbought region of the market.

BTC/USD – 4 Hour Chart

Meanwhile, Bitcoin has broken above the $19,000 resistance level. The Fibonacci tool has indicated an upward movement of the coin. Perhaps, this is possible when these resistance levels are breached. If the bulls breach the resistance at $19,740, a rally above $22,000 is possible. On December 1, a retraced candle body has tested the 61.8% Fibonacci retracement level. The retracement indicates that Bitcoin will rise and reach level 1.618 Fibonacci extensions or the high $22,248.40.

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      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.