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Bitcoin Price Prediction: BTC/USD Slumps After Rejection From $29,200 High

Bitcoin (BTC) Price Prediction – December 31, 2020
Buyers have broken above the $29,000 resistance but fail to sustain the upside momentum. The reason may not be farfetched. The daily stochastic and the RSI have all indicated that the coin is trading in the overbought region of the market. The RSI is deep in the overbought region as it indicates a possible correction.

Resistance Levels: $28,000, $29,000, $30,000
Support Levels: $18,000, $19,000, $20,000

BTC/USD – Daily Chart

Since December 30, Buyers have already broken the $29,000 price level but the bears are resisting a further upward move. Because of that, the market is consolidating in the lower time frame. Yesterday, the BTC/USD price has been fluctuating between $28,550 and $29,200. The upward move is being resisted at the $29,200 high. The bears are attempting to push the price downward but the candlesticks are showing a long tail above the current support. The candlestick’s long tails typify that there is strong buying pressure at lower a lower price level. The upward move is likely to continue. Usually, after three days of correction, the market will resume upward. The target price of $30,000 will be achieved if the price breaks the $29,200 resistance.

NFL Player, Russell Okung Isn’t Getting Paid in Bitcoin.
National Football League player Russell Okung is a strong supporter of Bitcoin. Okung’s $13 million salaries were not paid in BTC. His employer, the Carolina Panthers, isn’t paying him in virtual currency. However, there were reports that he was converting a portion of his salary into BTC. Okung may have contributed to these contradictory reports when in May 2019, he first expressed his desire to be paid in BTC in a tweet. Meanwhile, a spokesperson from the Carolina Panthers has established that Okung and of his teammates are paid in dollars only.

BTC/USD – 4 Hour Chart

Nonetheless, Bitcoin has fallen after rejection at the $29,200 high. Meanwhile, the Fibonacci tool analysis still remains the same. on December 27 uptrend; 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 $30,803.80 high.

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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.

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