BTC/USD Climbs Above $52,000; Time to Resume Higher?
Bitcoin Price Prediction – December 27
The Bitcoin price prediction shows that BTC IS showing positive signs and it is likely to accelerate further higher in the near term.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $55,000, $57,000, $59,000
Support Levels: $48,000, $46,000, $44,000
According to the daily chart, BTC/USD breaches $52,000 as the daily high beckons. The king coin is seen trading well above the 9-day and 21-day moving averages at $51,534. More so, the Bitcoin price is within touching distance of forming a new all-time high above the upper boundary of the channel, which is quite remarkable.
Bitcoin Price Prediction: Bitcoin (BTC) May Create Additional Bullish Candles
At the time of writing, the Bitcoin price is trading comfortably towards the upper boundary of the channel as the price establishes a new bullish signal. With the look of things, one could say that the long-term outlook is likely to favor the bulls as the daily close could produce a large bullish engulfing candle with eyes now set on the daily resistances at $55,000, $57,000, and $59,000 respectively.
Furthermore, any drop from the current level could lead to declines to the critical support below the 9-day and 21-day moving averages. In case BTC drops and touches the low of $50,000 support, then the coin can rely on the long-term support levels at $48,000, $46,000, and $44,000. Moreover, the technical indicator Relative Strength Index (14) is now moving towards 60-level, suggesting more bullish signals.
BTC/USD Medium-term Trend: Ranging (4H Chart)
According to the 4-hour chart, the Bitcoin price is seen trading above the 9-day and 21-day moving averages at $51,264. However, today’s price move happens to be an impressive one as it climbs above the long-awaited resistance level of $52,000 with a sharp upsurge. More so, BTC/USD is likely to follow a bullish movement as the technical indicator Relative Strength Index (14) moves above 60-level.
However, BTC may take a downward move if the bulls failed to push the price higher and the coin may breach below the 9-day and 21-day moving averages which could reach another support at $49,500 and below. Nevertheless, if the bulls find a decent resistance level above $52,000, the coin may hit the resistance level of $53,000 and above.
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