BTC/USD Medium-term Trend: Bearish
Resistance Levels: $6,800, $6,900, $7,000
Support levels: $3,800, $3,700, $3,600
Yesterday, December 3, the price of Bitcoin was in a bearish trend. It was suggested yesterday that the crypto's price was below the 12-day EMA and the 26-day EMA and that price of Bitcoin would continue its downward trend. Today, the crypto's price has resumed its downward trend. Similarly. the bears have broken the $4,000 price level and the crypto is expected to find support at the $3,600 price level.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the crypto's 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 above 20% which indicates that the crypto is in bearish momentum as price approaches the oversold region of the market.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Bitcoin is in a sideways trend. On December 3, the crypto's price fell to the $3,900 price level and began a range bound movement. The crypto's price was resisted by the 12-day EMA and it fell the $3,800 price level.
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