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Bitcoin Price Prediction: BTC/USD Is Trading in Uptrend but the Can Bulls Clear $8k?

Bitcoin (BTC) Price Prediction – December 4

Bitcoin (BTC) has effortlessly zoomed above $7,400 but the upside is limited. Sustained movement below $7,000 will worsen short-term outlook.

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

Key levels:

Resistance Levels: $8,000, $8,500, $9,000

Support Levels: $6,800, $6, 300, $5,800

BTCUSD – Daily Chart

BTC/USD is currently following the bullish trend in the long-term outlook. A few days ago, the bears lost the momentum at the support levels of $6,800, $6,300 and $5,800 respectively and could not penetrate these levels. The coin bounced and propelled towards the north. The price has broken upside and crossed both the 9-day and 21-day moving averages when the coin surged upward but later came down to where it is trading currently at $7,467.

Bitcoin could have faced a setback for the moment; it’s not permanent. The coin will likely have a bullish trend in the near term, but a price rally could help it hit its monthly high again. Currently, Bitcoin is trading around $7,467 level after a free fall from $7,755. Moreover, the coin is now facing the resistance level of $7,600 waiting to touch the 21-day moving average again. The strong bullish daily candle forming today on the daily chart indicates that the bulls may be fully in control.

Meanwhile, looking at the chart, $7,000 serves as the major support level, making room for BTC to fall further. The RSI (14) for the coin is heading above 40-level to indicate an upward movement. More so, BTC/USD may likely see the resistance levels at $8000, $8,500 and $9,000. The technical levels remain positive, especially with the technical indicators.

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

Before a serious drop that surfaced today, the Bitcoin price surged upwards of over $300 in today’s trading, catapulting its price from $7,129 to reach around $7,499. After the sudden rise, the coin started dropping in price to where it’s trading currently at $7,170. Should the price continue to drop further, it could reach the nearest supports at $6,900, $6,600 and $6,300 respectively.

BTCUSD – 4 Hour Chart

Moreover, if the bulls could put a little effort to push the price above the moving averages, the price of Bitcoin may likely hit the critical resistance at $7,400 before heading to the potential resistance levels of $7,600, $7,800 and $8,000. Meanwhile, the RSI (14) just nosedived to the south which has recently revealed a sign of trend reversal, which shows more bullish momentum, is likely to play out.

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.