Bitcoin Price Prediction: BTC/USD Drops Below $7,000; May Likely Bounce Back from $6,000

Bitcoin Price Prediction: BTC/USD Drops Below $7,000; May Likely Bounce Back from $6,000
Bitcoin (BTC) Price Prediction – December 18
BTC/USD price is slowly approaching crucial supports and the bears need to be very careful once the price reaches the $6,200 support level.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $7,500, $7,700, $7,900
Support Levels: $5,700, $5, 500, $5,300
BTCUSD – Daily ChartBTC/USD has been struggling to maintain its position above $6,800 but its price saw another dive below the $6,700 mark today. The coin is in a dangerous position as the price slipped below the critical supports. If the breakthrough is confirmed, the downside momentum will gain traction with the next focus on $6,300. At the time of writing, Bitcoin was trading below the moving averages of 9-day and 21-day at $6,610.95.
Moreover, looking at the price movement of BTC since the beginning of the year, we can see that the coin registered a growth of over 100%. BTC/USD started the year trading at $3,716.36 and reached $12,936 before starting the downward journey. The recent downtrend was such that the price even traded below the $6,600 support. It traded close to the $6,500 support level and a new monthly low was formed near $6,565.
However, should BTC price failed to move up; we may see a price cut to $6,000 vital support. A further low drive could send the price to $5,700, $5,500 and $5,300 support levels while the resistance levels to watch are $7,500, $7,700 and $7,900. The RSI (14) indicator suggested a probable bullish movement in the near future as the signal line is extremely within the oversold territory.
BTC/USD Medium – Term Trend: Bearish (4H Chart)
Looking at the 4-hour chart, the bears have been dominating the market tremendously, but the bulls are trying to defend the $6,500 support as well. Meanwhile, the $6,300 and below may come into play if BTC breaks below the mentioned supports.
BTCUSD – 4 Hour ChartMeanwhile, in as much as the buyers can reinforce and power the market, traders may expect a retest at $6,800 resistance level above the 9-day MA and breaking this level may further allow the bulls to reach $7,000 and above. The RSI (14) is moving out of the oversold zone which may cause the market to turn bullishly in the near future.
Please note: 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.
The post Bitcoin Price Prediction: BTC/USD Drops Below $7,000; May Likely Bounce Back from $6,000 appeared first on
Go to Source
Author: AzeezMustaph