Bitcoin Price Analysis & Prediction (Dec 20th) – BTC Likely to Start Fresh Drop, Retests November Break Down Level

2022-12-20 17:43

After the recent crash, Bitcoin recovered slowly with a higher high and higher low pattern and paused the rally beneath $17,500 for a while. It later broke through this week following a continuous increase in its dominance.

As expected, Bitcoin just made an important retest at the crucial break level of $18380, where the price broke down during last month’s crash. 

Followed by a quick rejection at this level a few hours ago, it is most likely to initiate a fresh decrease from here, which might later become significant in the next couple of days.

The previous 4-hour candle wick is an indicator of this bearish sign. As seen on the price chart, Bitcoin saw a sharp drop after testing the channel’s resistance. The price may collapse again if the ascending channel breaks downward. Meanwhile, the positive rally may sustain to $19000 if this channel continues to form.  

Even though the past weeks of recovery appear bullish on the lower time frame, the bearish setup still looks strong and intact on the higher time frame as the next price movement might come as a surprise.

Bitcoin Price Analysis (BTCUSDT): 4-Hour Chart Source: Tradingview

Most resistance levels highlighted in the past are now acting as supports due to the latest price increase. As Bitcoin prepares for the next move, it is vital to pay attention to some key levels.

It would need to overcome the $18,200 resistance level before one can consider more potential gains. In case of a continuation, the level above this resistance lies at $18750. It can increase up to $19k if the bulls push hard.

At the moment, Bitcoin is sitting on daily support of $17,632. If the price drops beneath it, there’s still room for a rebound around the channel’s support at $17,282. A channel breakdown will bring the price to close support at $16,750 before it rolls to $16k and $15,500.

Key Resistance Levels: $18,200, $18,750, $19,000

Key Support Levels: $17,632, $17,182, $16,750

Spot Price: $17,800 Trend: Bullish Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

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Image Source: stoonn/123RF / Image Effects by Colorcinch

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