7 December 2022

BTC Could Drop Below $18,000 Support as Tamadoge Corrects Upward

The Bitcoin price prediction shows that BTC is trading below the moving averages as the coin touches $18,563 support.

Bitcoin Prediction Statistics Data:

  • Bitcoin price now – $18,625
  • Bitcoin market cap – $357.9 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: $16,000, $14,000, $12,000

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BTC/USD continues to face a setback that could be a permanent one as the king coin may have an additional bearish run below the lower boundary of the channel. Currently, Bitcoin (BTC) is trading around the $19,067 level after a free fall from $19,500 during the European.

Bitcoin (BTC) May Stay Below the Moving Averages as Tamadoge (TAMA) Increases

Looking at the daily chart, the Bitcoin price is currently nose-diving below the 9-day and 21-day moving averages. If the price should slump below the support level of $18,000, the king coin is likely to face a downward trend. However, the further bearish movement could locate the supports at $16,000, $14,000, and $12,000, making room for BTC to fall even further.

However, the technical indicator Relative Strength Index (14) is likely to cross below the 40-level as the trading volume could be in support of the bears. Moreover, if bulls decide to move the price above the moving averages, BTC/USD may move towards the resistance levels of $23,000, $25,000, and $27,000.

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

On the 4-Hour chart, the Bitcoin price crosses below the 9-day and 21-day moving averages as the immediate support could come at the $17,500 level. Meanwhile, the market price may likely fall below the support at $18,000 if the bears continue to dominate the market.

BTCUSD – 4-Hour Chart

However, a further bearish movement could hit the critical support at the $17,500 level and below while the resistance is located above the upper boundary of the channel at $20,500 and above. Meanwhile, the Bitcoin price is currently moving on the negative side as the technical indicator Relative Strength Index (14) is moving to cross below the 40-level.

Tamadoge, an ERC-20 token, will also have its initial DEX offering (IDO) on Uniswap. TAMA is set to list at $0.03. As the Tamadoge presale sold out earlier than expected, the team is reportedly moving forward with all TAMA crypto exchange listings to take place in the coming days.

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