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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.

     

     

    The views and opinions expressed here do not reflect that of CryptoGlobe.com and do not constitute financial advice. Always do your own research.   



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