Bitcoin (BTC) Daily Price Forecast – December 17

2018-12-17 08:38

BTC/USD Medium-term Trend: Bullish

Resistance Levels: $6,800, $6,900, $7,000
Support levels: $3,200, $3,200, $3,100

Last week the price of Bitcoin was in a bearish trend. On December 9, the crypto traded and reached the high of $3,681.30. The BTC price broke the 12-day EMA , the 26-day EMA and fell to the bearish trend zone. On December 15, the crypto had depreciated to the low of $3,229.80. However,the BTC price  made a bullish movement and broke the 12-day EMA but was resisted at the 26-day EMA.

If the BTC price falls to the bearish trend zone, the crypto will resume its downward trend.    Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the BTC price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. The Stochastic indicator is in the range below 40% but pointing downward which indicates a bearish momentum and a sell .

BTC/USD Short-term Trend: Ranging

On the 1-hour chart, the price of Bitcoin was in a sideways trend. On December 15, the crypto broke the 12-day EMA ,the 26-day EMA and was in the bullish trend zone. The crypto's price is fluctuating above the $3,300 price level.

The stochastic indicator is now in the range above 60% indicating that the crypto has a bullish momentum. Also, the MACD line and the signal line are above the zero line which indicates a buy signal.

The views and opinions expressed here do not reflect that of BitcoinExchangeGuide.com and do not constitute financial advice. Always do your own research.

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