Bitcoin Price Prediction: BTC/USD Reclaims $47,000; Any Hope for the Bulls?
Bitcoin Price Prediction – December 20
Looking at the daily chart, the Bitcoin price prediction shows that BTC rebounds above $47,000, despite the pressure from the sellers.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $52,000, $54,000, $56,000
Support Levels: $43,000, $41,000, $39,000
BTCUSD – Daily Chart
As reveals by the daily chart, BTC/USD is leading the pack after regaining ground above $47,000. The cryptocurrency market is on the rise again, after retracing in the last 24 hours. Meanwhile, the major top ten cryptocurrencies are in the green, considering the percentage change per hour. Yesterday, the rejection from level close to $46,000 lost traction before hitting $48,000. The buyers are now taking the advantage of the support at the 9-day MA to force the on-going reversal.
Bitcoin Price Prediction: Would BTC/USD Return to Bullish Trend?
At the time of writing, the Bitcoin price is dancing slightly above $47,300 while bulls work extra hard to boost the $47,000 resistance level. The cheerful optimism seems to have been validated by the technical indicator Relative Strength Index (14), as it is likely to cross above 40-level heading to the higher level. However, the first digital asset could trigger a massive bull run if it breaks above the upper boundary of the channel. Moreover, trading above this barrier may see the king of cryptocurrencies enter the price discovery mode.
Therefore, any further bullish movement could locate the potential resistance levels of $52,000, $54,000, and $56,000. On the other hand, a bearish narrative may come into the picture if Bitcoin closes the day under $46,000. Breaking towards the lower boundary of the channel might trigger massive sell orders creating enough volume to force BTC into a downtrend while the critical supports may be located at $43,000, $41,000, and $39,000.
BTC/USD Medium-Term Trend: Bearish (4H Chart)
On the 4-hour chart, the Bitcoin price is currently trading around $47,222 above the 9-day and 21-day moving averages after rebounding from the $46,596 low. Whereas, the 4-hour chart shows that the coin may likely experience a bullish movement as the signal line of Relative Strength Index (14) is seen crossing above 50-level.
BTCUSD – 4 Hour Chart
Therefore if the market price crosses below the moving averages, keeping Bitcoin above $47,500 may be a daunting task. Meanwhile, the best support levels we may look at is $45,500 and below while the potential resistance lies at $48,500 and above.
Looking to buy or trade Bitcoin (BTC) now? Invest at eToro!
68% of retail investor accounts lose money when trading CFDs with this provider
Read more:
