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Bitcoin Price Prediction: BTC/USD Crashes down to a New Low, a Rally Is Expected

Bitcoin (BTC) Price Prediction – December 13

The pair is in a downward move as BTC pause at the $7,200 price level. The coins may likely rebound if it falls to the low of $7,000.

BTC/USD Long-term Trend: Bearish (Daily Chart)

Key Levels:
Resistance Levels: $8000, $9000, $10000
Support Levels: $7000, $6000, $5000

BTC/USD – Daily Chart

In the past four days,  BTC/USD downward move had been gradual. The price movement had been insignificant. The price has been stagnant but fluctuates above the $7,200 price level.BTC has already commenced a gradual downward move from the high of $7,800 to $7,200. The coin will continue the downward move as long as it is below the 12-day EMA and the 26-day EMA. Nevertheless, if the price falls to the low of $7,000, the coin may hold and commence a range-bound movement for a few days.

However, a breakout above this level will catapult BTC to the downtrend line as shown on the chart. In the same manner, if the bulls sustain the bullish move, BTC will be out of the downtrend zone. That is, not saying that the bears will not put up stiff opposition. Conversely, if the bears succeed in breaking below the support at $7,000, BTC will drop to a low of either $6,800 or $6,500. Meanwhile, the RSI period 14 level 37 indicates that price is approaching the oversold region.

BTC/USD – 4 Hour Chart

BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, the price is fluctuating between $6,800 and $7,800. On November 25, BTC dropped to the low of $6,800 and moved up immediately. The bulls were resisted at $7,800 and it fell to the low of $7,300. Another upward move by the bulls was repelled at $7,600 after three attempts. The market is now at a low of $7,200 but the coin is in bullish momentum.

 

 Please note: Insidebitcoins.com is not a financial advisor. Do your research before investing your funds in any financial asset or presented product or event. We are not responsible for your investing results.

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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.