Bitcoin (BTC) Daily Price Forecast – December 12
BTC/USD Medium-term Trend: Bearish
- Resistance Levels: $6,800, $6,900, $7,000
- Support levels: $3,300, $3,200, $3,100
Yesterday, December 11, the price of Bitcoin was in a bearish trend. In the last 48 hours, the price of Bitcoin had been in the bearish trend zone.
The crypto's price had been fluctuating above the $3,400 price level. It was suggested that if the bears broke the $3,400 price level, the crypto will resume the downtrend and price is expected to test the $3,000 price level.
Today, the crypto's price is below the EMAs and price is fluctuating above the $3,400 price level. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the BTC price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Bitcoin is in a bearish trend. In the bearish trend of yesterday, the crypto’s price fell to the low of $3,413.3 and commenced a bullish movement on the upside. The bulls broke the 12-day EMA but were resisted by the 26-day EMA and price fell back to the bearish trend zone.
Meanwhile, the price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. The Relative Strength Index period 14 is level 37 which indicates that price is nearing the oversold region.
The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.
Source: https://bitcoinexchangeguide.com
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