Bitcoin Price Prediction: BTC/USD Price Still Consolidating Around $50,500



Bitcoin Price Prediction – December 8

The Bitcoin price prediction continues sideways movement currently at $50,608 after another significant rejection from $51,250.

BTC/USD Long-term Trend: Ranging (Daily Chart)

Key levels:

Resistance Levels: $56,000, $58,000, $60,000

Support Levels: $44,000, $42,000, $40,000

BTCUSD – Daily Chart

Looking at the daily chart, after serious downtrend, BTC/USD is still flat and trading sideways but has seen a volatile move, peaking at around $51,250 before quickly dropping to $50,608.48 below the 9-day and 21-day moving averages. Therefore, one can say that the Bitcoin (BTC) price is likely to continue with sideways movement before dropping below the channel.

Bitcoin Price Prediction: What could be the Next Direction for Bitcoin?

According to the daily chart, the Bitcoin price is trading at $50,608 with a slight loss of 0.03%. However, the prevailing trend is ranging from expanding volatility as the first digital asset continues to consolidate in a bearish flag pattern. Meanwhile, a breakdown from this pattern is supposed to continue in the direction of the previous trend. On the contrary, traders expect BTC/USD to rise above the 9-day moving average before moving towards the potential resistance levels at $56,000, $58,000, and $60,000.

Furthermore, should Bitcoin price breaks below the lower boundary of the channel; the price may head towards the $48,000 vital support. A further low drive could send the price to $44,000, $42,000, and $40,000 support. The technical indicator Relative Strength Index (14) is seen moving sideways, which makes the market to be indecisive at the moment.

BTC/USD Medium – Term Trend: Ranging (4H Chart)

On the 4-hour chart, we can see that the bears are likely to step back into the market, trading around the 9-day moving averages. Meanwhile, the $48,000 and below may be visited if BTC/USD breaks below the 21-day moving average.

BTCUSD – Daily Chart

However, if the buyers can push the market to the north, traders may expect a break above the upper boundary of the channel. Breaking the mentioned barrier may further allow the bulls to touch the resistance level of $53,000 and above but the technical indicator Relative Strength Index (14) is moving below 50-level, indicating another bearish signal.

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:

Subscribe To The Latest Crypto News

You have successfully subscribed to the newsletter

There was an error while trying to send your request. Please try again.

World Wide Crypto will use the information you provide on this form to be in touch with you and to provide updates and marketing.