BTC/USD Remains Bearish Below $47,500
Bitcoin Price Prediction – December 29
The Bitcoin price prediction shows that BTC keeps extending the bearish movement below $47,000 after numerous trials to sustain gains.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Resistance Levels: $52,000, $54,000, $56,000
Support Levels: $43,000, $41,000, $39,000
BTC/USD falls toward $46,000 today as the largest cryptocurrency embarked on a support smashing exercise touching the daily low of $46,596 following a serious breakdown in the last few days. However, the bearish control is seen across the crypto market with other digital assets posting similar losses.
Bitcoin Price Prediction: Bitcoin (BTC) Ready to Add More Pains
The Bitcoin price is hovering at $47,159 with an intraday loss of 0.81% as the prevailing trend is bearish. The first digital asset is likely to consolidate in a bearish flag pattern while a breakdown towards the lower boundary of the channel may continue in the direction of the previous trend. In this case, BTC/USD is expected to drop and stay below to hit the critical support levels at $43,000, $41,000, and $39,000.
However, should Bitcoin price returns above the 9-day and 21-day moving averages; the price could rise to cross the upper boundary of the channel. Therefore, any further bullish movement could lead the Bitcoin price to the resistance levels of $52,000, $54,000, and $56,000. On the other hand, the technical indicator Relative Strength Index (14) is revealing a continuous bearish as the signal line moves to cross below 40-level.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
At the opening of the market today, the Bitcoin price remains below the 9-day and 21-day moving averages, bringing its price to trade around $47,134 level. In the meantime, if the price continues to drop, crossing below the lower boundary of the channel could reach the support level at $45,500 and below.
Moreover, if the bulls push the coin above the 9-day moving averages, the Bitcoin price could revisit the resistance level of $49,000 and above. At the moment, the market may continue to experience more downtrends as the technical indicator Relative Strength Index (14) moves into the oversold region.
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