Bitcoin Rallies Above $16,900 For A Possible Upside Move

Dec 12, 2022 at 11:59 // Price
Coin Idol

Bitcoin (BTC) price continues to move within a range, although it has fallen above the 21-day line SMA. Once the bulls buy the dips, the uptrend will resume.

Bitcoin (BTC) Price Long-Term Forecast: Bearish

Here is what the price action looks like since November 30, plain and simple. The price has moved very little between the high of $18,000 and the low of $16,000. The price of BTC rose to a high of $17,505 on December 11, but was unable to break above the $18,000 level. The support needed for a possible reversal is currently at $16,881, Bitcoin's low today. However, if sellers break through support at $16,000, Bitcoin would fall and retest its previous low at $15,588. The bottom line is that if the moving average lines are crossed, Bitcoin will either rise or fall.

Bitcoin (BTC) Indicator Display 

The Relative Strength Index for Bitcoin is at level 46, and the placement of the price bars between the moving average lines on the daily chart shows that the price of the cryptocurrency can fluctuate. The stochastic on the daily chart has broken through the level of 20 for BTC. This indicates that the selling pressure on the downside has been exhausted.

Technical Indicators 

Key resistance levels - $30,000 and $35,000
Key support levels - $20,000 and $15,000

BTCUSD(Daily Chart) - December 12.jpg

What is the next direction for BTC/USD? 

Bitcoin (BTC) has been moving sideways on the 4-hour chart since November 30. To break through the resistance at $17,200, buyers have challenged it again and again. The price of one bitcoin fluctuated between $16,700 and $17,400 in the previous week, and today buyers are rallying above the $16,900 support to move back up.

BTCUSD( 4 Hour Chart) - December 12.jpg

Disclaimer. This analysis and forecast are the personal opinions of the author and are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their research before investing in funds.

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