Bitcoin (BTC/USD) Market Attempts Deepening Corrections
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Bitcoin Price Prediction – December 15
There is a closure thought that the BTC/USD market attempts deepening corrections in the bearish channels after getting a higher valuation of $48,878. The crypto-economic price currently trades around $47,013 at an average percentage rate of about 2.75 negatives.
BTC/USD Market
Key Levels:
Resistance levels: $50,000, $52,500, $55,000
Support levels: $45,000, $42,500, $40,000
BTC/USD – Daily Chart
The BTC/USD daily chart reveals that the crypto market attempts deepening corrections within the trading space of the bearish channel trend lines drawn below the SMA trend lines. To that effect, a bearish candlestick is in the making to signify a depression motion as of writing. The 50-day SMA indicator has been crossed southward by the 14-day SMA indicator. The Stochastic Oscillators have briefly crossed the lines southbound near beneath the range of 50. That signals that a downward motion attempts, showing up again in the crypto-economic trading activities.
Does the BTC/USD current trading situation back the bias of getting a sustainable rebound soon as the crypto market attempts deepening corrections?
Presently, it seems not safe to launch a buy order as the BTC/USD market attempts deepening corrections within the bearish channel trend lines toward a lower support zone at $45,000. It would technically sound okay that long-position takers of this market stay alert to observe an active re-occurring of a rally motion tends to materialize from the current deepening corrections before considering exerting a buy position afterward.
On the downside of the technical analysis, the resistance area under t$50,000 would have to be a stronghold by short-position takers as an ideal zone to spot a return of depression in the market as long as the price remains losing momentum when trying to approach the value line. A sudden fearful breakdown against $45,000 may elongate the drawing of the bearish channel trend lines.
BTC/USD 4-hour Charts
The BTC/USD medium-term chart showcases that the crypto-economic market attempts deepening corrections from the smaller SMA trend line. The 50-day SMA indicator is above the 14-day SMA indicator. The positioning of the Stochastic Oscillators at the range of 80 with the lines briefly crossed southbound portends a serious-warning signal against seeing the base trading instrument making a push to checkmate the US Dollar in the near time. Therefore, longing orders may have to suspend for a while.
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