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Bitcoin Price Prediction: BTC/USD Faces a Pullback as Price Regains Strength Above $27,000

Bitcoin (BTC) Price Prediction – December 28

Bitcoin (BTC) price is trading above the $27,000 and the coin must climb above the $28,000 resistance to continue higher.

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

Key levels:

Resistance Levels: $30,000, $30,200, $30,400

Support Levels: $24,000, $23,800, $23,600

BTCUSD – Daily Chart

BTC/USD started the day with a downside movement as the coin touched $26,086 in the early hours of today, but later, BTC/USD market started improving, moving out of the downside to the upside. However, since the beginning of this month, BTC/USD has moved up from $18,778 to $27,477 and now changing hands at $27,083.

Where is BTC Price Going Next?

BTC/USD is making an attempt to climb higher above the $27,000 resistance as the technical indicator RSI (14) remains within the overbought region. In 2021, if the new bullish movements are beginning to form, buyers could use the 9-day MA as the nearest support level. But in as much as the red-line of 9-day is above the green-line of 21-day MA, the market price will remain in the upward movement.

On the other hand, if the market begins a downward movement, Bitcoin’s price may drop to $25,000, and should this support fail to contain the sell-off, traders may see a further drop to $24,000, $23,800, and critically $23,600. The resistance levels to watch are $30,000, $30,200, and $30,400 respectively. Meanwhile, the signal line of RSI (14) stays within the overbought zone, suggesting more bullish signals.

BTC/USD Medium – Term Trend: Bullish (4H Chart)

According to the 4-hour chart, Bitcoin’s price is currently trading around $27,092 and around the 9-day MA after touching the daily high of $27,477. Meanwhile, we can see that the bullish movement is still very intact in the market as the bears are also trying to bring the price down.

BTCUSD – 4 Hour Chart

However, if the buyers could put more pressure, they can further push the price to a $28,500 resistance level. Therefore, breaking the mentioned resistance may allow the bulls to test the $28,600 and above. Meanwhile, the RSI (14) is currently moving above the 60-level, but any movement towards the south may bring the sellers and any further bearish movement could lead to the support of $25,500 and below.

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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.