BTC/USD Medium-term Trend: Bearish

Resistance Levels: $6,800, $6,900, $7,000
Support levels: $3,800, $3,700, $3,600

Yesterday, December 4, the price of Bitcoin was in a bearish trend. The crypto's $4,000 price level was broken on December 3 while in a bearish trend. The digital currency continues its fall to the low of $3,825.68 the following day. The bulls pulled back but were resisted by the 12-day EMA. The BTC price is falling and fluctuating above the $3,800 price level.

From the 4-hour chart, 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. We shall not recommend any trade until the bears have exhausted their bearish pressure.

BTC/USD Short-term Trend: Bearish

On the 1-hour chart, the price of Bitcoin is in a bearish trend. On December 4, the crypto's price fell to the $3,825.68 and commenced a bullish movement. The crypto's price broke the 12-day EMA and the 26-day EMA and it remained above the moving averages. The crypto's price went to its previous high above $4,000 but the bears pulled below the $4,000 price level. The crypto's price is below the EMAs; therefore price is likely to fall.

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

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