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Bitcoin (BTC) Price Analysis – December 14

Bitcoin (BTC) Price Analysis – December 14
Bitcoin Chart by Trading View

BTCUSD Medium-term Trend: Bearish

  • Resistance levels: $7,000, $7,200, $7,400

  • Support levels: $3,200, $3,000, $2,800

  • The price of Bitcoin was in a bearish trend. It was earlier suggested that in the event of a price breakout the crypto would fall to its previous low of $3,300. The price of Bitcoin declined further and broke the $3,200 price level; although the price is correcting itself. However, the Stochastic indicator is currently pointing southward and it is inside the oversold region below the 20% range.

    As the indicator is pointing southward, the crypto will face more selling pressure at the previous low of $ 3,300. In addition, as the indicator is in the oversold region; the price of Bitcoin is said to be in a strong bearish momentum. Meanwhile, the crypto's price is below the 12-day EMA and the 26-day EMA indicating that the price is in the bearish trend zone.

    BTCUSD Short-term Trend: Ranging 

    Bitcoin (BTC) Price Analysis – December 14
    Bitcoin Chart by Trading View

    On the 4-hour chart, the crypto's price is in a sideways trend. Since December 7, the crypto was fluctuating between the levels of $3,400 and $3,600. It was also suggested that if the price broke the $3,400 price level the crypto's price would revisit the previous low of $ 3,300. Today, the bitcoin price is trading at the $3,300 price level. 

    Meanwhile, the Relative Strength Index period 14 is level 35 which indicates that the price is nearing the oversold region of the market.



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