Bitcoin (BTC) Price Prediction – December 11
Bitcoin is making a gradual decline to the previous low of either $6,800 or $7,000. The pair risks further depreciation if it breaks the low of $6,800.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $8000, $9000, $10000
Support Levels: $7000, $6000, $5000
BTC/USD upward move has been hampered because of the resistance at $7,800 and $7,600. The coin makes an upward correction but was resisted at $7,800. This led Bitcoin to fall to a low of $7,300. The coin made a pullback to retest the resistance but ended up to retest the $7,600 price level. A second test at $7,600 made Bitcoin drops to a low of $7,200. The bearish run is likely to continue, though the price fall is gradual.
The indicators are showing a sell signal like the stochastic. Bitcoin is trading below the 40% range of the daily stochastic. This suggests that the market is in a bearish momentum. The pair is falling and approaching the low of $7,000. The coin may pause or rebound at the $7,000 price level. On the other hand, the selling pressure may continue to the previous low of $6,800. Nevertheless, if the bears break below $6,800, it suggests that BTC will resume a downward move.
BTC/USD Medium-term Trend: Ranging (4-Hour Chart)
On the 4-hour chart, Bitcoin is trading below $7,600 resistance level. The bulls tested the resistance on four occasions but unable to breakthrough. The coin is now gradually fallen to a low of $7,000. Meanwhile, it is in a tight range between the levels of $6,800 and $7,600. There is a likelihood that a break below the support line, is a signal that the coin will further depreciate
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