Bitcoin (BTC) Price Prediction – December 1
BTC/USD extends the bearish leg to areas marginally below $18,500 after numerous trials to sustain gains above $19,900.
BTC/USD Long-term Trend: Bullish (Daily Chart)
Resistance Levels: $21,800, $22,000, $22,200
Support Levels: $16,800, $16,600, $16,400
BTC/USD is seen falling towards $18,000 today as the largest cryptocurrency embarked on a support smashing exercise after failing to hold above $18,100 following a significant breakout in the market movement. Meanwhile, the bearish control is widespread across the market with other major digital assets posting similar losses as they trade below the 9-day moving average.
What is the Next Direction for Bitcoin?
At the time of writing, BTC/USD is recovering above $18,981 from the daily low of $18,109. If the bulls increase their entries, they might create more volume, in turn, pushing the market price above the next key levels at $21,800 and $22,000. It is now clear that $22,200 is the most critical level in Bitcoin’s recovery journey. Meanwhile, the recent break made a daily close towards this level but intense selling pressure saw all the effort made by the buyers go into the drain with BTC spiraling towards $18,000.
The technical indicator RSI (14) reveals that BTC/USD is still in an area with intense support. This explains the immediate reversal above $18,400. On the other hand, a breakdown under the pattern’s support is likely to encourage more selling entries which may likely pull the BTC/USD massively below $18,000. However, losses below the moving averages could signal more retracement to levels closer to $16,800, $16,600, and $16,400 supports.
BTC/USD Medium-Term Trend: Ranging (4H Chart)
On the 4-Hour chart, the immediate support is below the 9-day moving averages at the $19,067 level. The price may likely fall below the lower boundary of the channel if the bears fully stepped back into the market.
Moreover, a further bearish movement could test the critical support at the $17,700 level and below while the resistance is located above the moving averages at the $20,500 and above. Technically, Bitcoin is currently moving sideways while the RSI (14) moves around 60-level.