Bitcoin Price Prediction: BTC/USD Is Range-Bound Between $23,200 and $24,000

Bitcoin (BTC) Price Prediction – December 20, 2020
For the past couple of days, Bitcoin has been trading marginally after its rejection from the $24,000 price level. The price has been fluctuating between $23,200 and $24,000. Besides, the Relative Strength Index has indicated that BTC is in the overbought region since December 18. This is a bearish signal for the BTC price to fall.

Resistance Levels: $23,000, $24,000, $25,000
Support Levels: $13,000, $12,000, $11,000

BTC/USD -Daily Chart

The selling pressure could not hold as buyers sustain the current price level above $23,000 support. It appears buyers have absorbed the selling pressure which automatically strengthens the BTC price. The upside momentum can as well resume as the BTC price finds strong support. It has been observed that Bitcoin has been facing intense selling after testing the $24,000 high. Meanwhile, Bitcoin will continue to remain bullish as long as Bitcoin is sustained above $19,500.

Bitcoin (BTC) Indicator Reading
Bitcoin has been trading above the 80% range of the daily stochastic. As already indicated the coin is in strong bullish momentum and it is approaching the overbought region of the market. BTC is also in the uptrend zone at level 63 of the Relative Strength Index period 14. The price bars are now above the SMAs as the coin resumes upside momentum

BTC/USD – Daily Chart Chart

Bitcoin price is consolidating above $23,000 but below $24,000 resistance. From the price action, the BTC price has already broken above the initial target price at level 1.618 Fibonacci extensions. This is equivalent to $22,891.30 The crypto is expected to reach the $25,000 mark, once the $24,000 resistance is breached.

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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.