Bitcoin (BTC) Price Prediction – December 2
The sells-off has resumed as Bitcoin price faces a fresh round of selling below $7,300 against the US Dollar.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Key levels:
Resistance Levels: $8,000, $8,500, $9,000
Support Levels: $6,700, $6, 200, $5,700
After an erratic recovery during the previous week, Bitcoin (BTC) resumed back into a selling mode. A few weeks ago, the coin topped at $7,862.38 and has been in retreat ever since. At the time of writing, BTC/USD is trading at $7,310, down 1.27% since the beginning of today. Bitcoin continues to narrow down towards $6,000. The downtrend is clearly shown by taking a broader technical picture using the daily chart.
Moreover, the BTC/USD price is struggling to hold a couple of important supports near $7,200. The price is likely to continue lower below the $7,000 and $6,800 support level. If there is a downside break below the $6,800 support level, the price could revisit the $6,700 support level. The bears are gaining momentum and if the price clears the $6,700 support, there is a risk of a sharp decline to $6,200 and $5,700 support levels.
In addition, the market is deciding around the 9-day moving average, where the buyers are anticipating a rebound. Meanwhile, the $7,600 and $7,800 levels may further surface as critical resistances should the $7,400 level holds. However, a strong bullish spike might take the price to $8,000, $8,500 and $9,000 levels. But presently, the RSI (14) is below the 40-level.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
Looking at the 4-Hour chart, Bitcoin (BTC) has not yet slipped below $7,000 and is still in the loop of making a bounce back. BTC/USD price hovers below the 9-day and 21-day moving averages and may take time to persistently touch the resistance level of $7,500. At the moment, the Bitcoin price is currently moving around $7,302 level.
More so, if buyers can put more effort and energize the market, we can expect a retest of $7,500 resistance level. Therefore, breaking the mentioned resistance could also allow the bulls to test the $7,600, $7,800 and $8,000 upward. In other words, if the bears hold the price and push it downward, then the support level of $7,000, $6,800 and $6,600 may be visited as the stochastic RSI is within the oversold zone.
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