7 December 2022

Bitcoin Price Prediction: BTC/USD Could Obtain Strong Support Below $19k



The daily chart reveals that the Bitcoin (BTC) price may extend the bearish movement to the areas below the support level of $19,000.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $19,335
  • Bitcoin market cap – $370.6 billion
  • Bitcoin circulating supply – 19.1 million
  • Bitcoin total supply – 19.1 million
  • Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $23,000, $25,000, $27,000

Support Levels: $17,000, $15,000, $13,000

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BTC/USD falls below $19,500 once again as the first digital asset embarks on support after the coin failed to hold above the resistance level of $20,000. According to the daily chart, the bearish control is seen across the market as the sellers are making effort to increase the bearish movement.

Bitcoin Price Prediction: BTC  Could Touch $19k Support

The Bitcoin price is hovering at $19,335 with an intraday loss of 0.46%. Looking at the daily chart, the prevailing trend is bearish with expanding volatility as the first digital asset is likely to consolidate in a bearish flag pattern. Meanwhile, a breakdown below the moving averages is supposed to continue in the direction of the previous trend. In this case, BTC/USD is expected to drop and stay below to hit the critical support levels at $17,000, $15,000, and $13,000.

However, should the Bitcoin price return above the moving averages; the price could rise to the nearest resistance at $20,000. A further bullish drive could push the price to $23,000, $25,000, and $27,000 resistance levels. The technical indicator Relative Strength Index (14) is revealing a sideways movement, which shows that the market may continue to range.

BTC/USD Medium-term Trend: Ranging (4H Chart)

At the opening of the market today, the Bitcoin price faces up to touch the resistance level of $19,401 but may likely drop towards the channel, bringing its price to trade around $19,338. Meanwhile, should the price stay below the 9-day and 21-day moving averages, it is likely for the coin to head towards the lower boundary of the channel to reach the support level at $18,500 and below.

BTCUSD – 4-Hour Chart

Moreover, if the bulls push the coin above the 9-day and 21-day moving averages, the Bitcoin price could revisit the resistance level of $20,500 and above. Presently, the market may begin to move sideways or experience slight uptrends as the Relative Strength Index (14) indicator moves below 50-level.

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