Bitcoin Price Prediction: BTC/USD Gradually Sinks and Unable to Sustain Buying Power

Bitcoin (BTC) Price Prediction – December 8

Presently, Bitcoin is facing resistance at $7,600. The coin is falling probably to the low of either $6,800 or $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

With respect to the last bearish impulse on November 25, BTC/USD has been struggling to trade above the support of $7,000. Early in November the coin dropped to a low of $6,800 and made an upward move to the high of $7,800. Consequent upon that the coin was resisted and it fell to a low above $7,300. For the past two weeks, Bitcoin has been making frantic efforts to penetrate the previous highs but it is now facing resistance at $7,600.

The coin has been repelled twice as it tested the resistance at $7,600. Presently, the market is on a gradual decline. The price is likely to reach a low of $7,000 and rebound. However, if the selling pressure is sustained and it breaks the previous low at $6,800; Bitcoin will resume the downtrend.

BTC/USD – 4 Hour Chart

BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, Bitcoin was in a period of consolidation in October and early November. The pair had a bearish crossover on November 8, as the coin resume the downtrend. The coin fell to a low of $6,800 and commences a sideways move. BTC fluctuates between the low of $6,800 and $8,000.

Nevertheless, the coin is falling toward the support line because of the resistance at $7,600. As the coin falls to the previous low, the support line may hold. However, if the support cracks, the coin may face further depreciation to the low of $6,000 or $6,500.Currently, Bitcoin is trading at the 20% range of the stochastic indicator. This implies that Bitcoin is in a strong bearish momentum.

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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.