Bitcoin (BTCUSD) Price Forecast: December 27
The BTCUSD may continue trading above the supply levels as the crypto is currently running a bullish race facing high pressure from the bulls. Having finished the downward correction, if the coin prices sustain above the level of $45000, the bulls’ trend would continue upward and may hit the $50000.00 upper high level, resulting in a buying opportunity for the coin investors.
Key Levels:
Resistance Levels: $43000.00 $44000.00, $45000.00
Support Levels: $30000.00, $29000.00, $28000.00
BTC (USD) Long-term Trend: Bullish (Daily Chart)
BTCUSD remains bullish on the higher time frames. The coin buyers may continue trading above the supply levels as we can see the moving average line moving upwards indicating an uptrend.
However, the previous action at the $24386.50 high level in the past few days has sustained the coin price to remain above the trend line in recent times.
As the daily chart resumes today with an intraday gain, buyers initiate an aggressive move to a $43712.02 resistance value above the moving averages.
With consistent buying, the price of Bitcoin may retest the $45000 supply strength and may continue trading above the mentioned resistance level which could set the stage for further growth.
Additionally, the underlying sentiment suggests an uptrend continuation in the coming days as indicated by the daily stochastic. It is expected that buyers to continue trading above the supply trend levels and push the price of BTCUSD further up to a significant level and in this case, the target might be the $45000 supply level soon in the higher time frame.
BTC (USD) Medium-term Trend: Bullish (4H Chart)
Prices are above the moving averages on the 4-hour chart, confirming a bullish momentum and breaking the previous high. The chart below shows that the pair may continue trading above the supply trend levels as it remains in a steady uptrend.
The bulls’ increased momentum at the $43167.71 supply value during the previous action has allowed the Bitcoin price to remain strong above the resistance lines in its recent high.
As the 4-hourly chart begins today, BTCUSD is losing bearish momentum as it rises to a high of $43573 above the EMA-50, and as a matter of fact, the price may continue trading above the supply trend levels.
Similarly, the coin price is showing more upside potential, as indicated by the momentum indicator pointing up; we can certainly expect the coin to gain and strengthen further. In the medium term, the pair is likely to hit the $45000 resistance level in the coming days.
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