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Bitcoin Price Prediction: BTC/USD Holds Above Critical Support at $18,500 as Larger Move Likely Soon

Bitcoin (BTC) Price Prediction – December 5, 2020
On November 30 and December 1, Bitcoin bulls have retested the $19,740 resistance without breaking it. BTC/USD  fell to $18,555 low and resumed a sideways move between $ 18,500 ad $`19,600. The current upside momentum has been sustained since December 1

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

BTC/USD – Daily Chart

Despite the bulls’ failure to break the overhead resistance, the current consolidation near the resistance zone has been sustained. The $18,500 support has been holding as BTC continues its fluctuation. Bitcoin will rally above $20,000 if the $18,500 support holds. In a nutshell, the bullish scenario is that a breakout will occur if the $18, 500 holds. On the other, a breakdown will occur, if the $19,600 resistance remains unbroken. In a breakout, the price will rally above $22,000. Also, in a breakdown, BTC will plunge to $16,000

Bitcoin (BTC) Indicator Reading
Since October, the 21-day SMA and 50-day SMA are pointing northward indicating that the coin is in a strong uptrend. The 21-day SMA is the support level for Bitcoin. Bitcoin is at level 60 of the Relative Strength Index. It indicates that the coin is in the bullish trend zone but above the centerline 50.

BTC/USD – 4 Hour Chart

Nonetheless, the price has continued to be range-bound below the $19,740 resistance. On November 30 uptrend, a retraced candle body tested the 78.6% Fibonacci retracement level. This retracement indicates that the coin will rise and reverse at level 1.27 Fibonacci extensions. In other words, Bitcoin will reach a high of $20,923.80 and reverse. The crypto will reverse and return to the 78.6% Fibonacci retracement where it originated.

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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.