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Bitcoin Price Prediction: BTC/USD Slump To $7,128, $7,000 May Be Next as Price Holds Above 9-Day MA

Bitcoin (BTC) Price Prediction – December 21

BTC/USD grinds laterally in a narrow range of $7,368 to $7,041. The previous trend is expected to remain around $7,000 due to BTC’s reaction to the flag pattern.

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

Key levels:

Resistance Levels: $7,800, $8,000, $8,200

Support Levels: $6,500, $6, 300, $6,100

BTCUSD – Daily Chart

As of the time of writing this, the BTC/USD price has decided to settle around $7,000, but what direction will BTC head next? The thing is, there is no consensus; since BTC/USD has bounced off a historical uptrend, it may likely enter back into a bull phase but if the coin tries to retest the $6,400 low, it may collapse further to form a longer-term bear sequence.

Moreover, as the coin is trading at $7,129 displaying an intraday loss of 0.84%. The prevailing trend is bearish with expanding volatility. Therefore, a break down below the 9-day moving average may likely continue in the direction of the previous trend. In this case, Bitcoin could fall below $6,800 support and further movement may hit the critical supports at $6,500, $6,300 and $6,100.

However, should Bitcoin price hold the price to remain above the 9-day moving average and move up; the price could rise above the 21-day moving average and move to $7,500 vital resistance. A further high drive could send the coin to $7,800, $8,000 and $8,200 resistance levels. Meanwhile, the stochastic RSI has recently revealed a sign of trend reversal, which shows a possible bearish momentum may likely play out.

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

A couple of days ago, Bitcoin’s price was trading around $7,291 and then retested $7,089. Looking at the hourly price chart, we can see that the bearish supply is becoming heavy in the market, but the bulls are also trying to defend the $7,089 support. Meanwhile, the $7,000, $6,900 and $6,800 may come into play if BTC breaks the mentioned support.

BTCUSD – 4 Hour Chart

However, if the buyers can strengthen and energize the market, the coin may rebound and a retest of $7,290 resistance level. Therefore, breaking the mentioned resistance may also allow the bulls to reach the $7,400, $7,500 and $7,600 upward. However, BTC/USD is consolidating currently and moving sideways on the medium-term outlook. We can expect an increase in volatility soon as the stochastic RSI is within the oversold zone.

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.