BTC/USD Likely to Touch the $18,000 Resistance

On Dec 10, 2022

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The Bitcoin price prediction is currently consolidating and seems to be preparing for the next move above the resistance level of $17,000.

Bitcoin Prediction Statistics Data:

Bitcoin price now – $17,161
Bitcoin market cap – $330.5 billion
Bitcoin circulating supply – 19.2 million
Bitcoin total supply – 19.2 million
Bitcoin Coinmarketcap ranking – #1

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

Key levels:

Resistance Levels: $21,000, $23,000, $25,000

Support Levels: $14,000, $12,000, $10,000

BTC/USD is seen trading above the resistance level of $17,000, with the current consolidation pattern, the king coin stays within the 9-day and 21-day moving averages. Though Bitcoin (BTC) begins the day off intending to trend higher, any further bullish movement toward the upper boundary of the channel could hit the nearest resistance level of $18,000. Meanwhile, any cross below the moving averages could locate the first level of support at $16,000. Beneath this, other supports lie at $14,000, $12,000, and $10,000.

Bitcoin Price Prediction: Bitcoin (BTC) May Break to the Upside

The Bitcoin price is consolidating above the 9-day and 21-day moving averages; however, this is looking less and less likely with each failed breakout attempt as the technical indicator Relative Strength Index (14) moves within the 50-level. On the next positive move, BTC is likely to break toward the upper boundary of the channel as the candle is still yet to close. Meanwhile, it does look that the bulls may end up closing above this barrier as the potential resistance levels could be found at $21,000, $23,000, and $25,000.

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

On the 4-hour chart, BTC/USD may need to stay above $17,000 and move towards the upper boundary of the channel to mitigate the short-term bearish pressure so that it can hit the nearest resistance level of $18,000. Nonetheless, this psychological barrier may be closely followed by $19,000 and $20,000 resistance levels.

BTCUSD – 4-Hour Chart

On the contrary, if the king coin heads to the downside, the nearest support may come at $17,000 and a sustainable move lower will increase the downside pressure and push the price toward $16,600 and below. Considering the technical indicator Relative Strength Index (14) on the 4-hour chart, the coin is starting to revert to the upside as traders might expect that the bull’s case scenario may come to play.

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