BTC/USD Medium-term Trend: Bearish
Resistance Levels: $6,800, $6,900, $7,000
Support levels: $3,600, $3,500, $3,400
Yesterday, December 5, the price of Bitcoin was in a bearish trend. Yesterday, the digital currency was resisted by 12-day EMA and the crypto resumed its downtrend. The crypto's price fell and was approaching the $3,700 price level.
The bears have finally broken the $3,800 price level; the crypto is not likely to face any resistance as the price is expected to fall to the lows of $3,000 and $3,500. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal. Also, the BTC price is below the 12-day EMA and the 26-day EMA which indicates that price is likely to fall. The two EMAs are also pointing southward indicating that price is falling.
BTC/USD Short-term Trend: Ranging
On the 1-hour chart, the price of Bitcoin is in a sideways trend. On December 5, the crypto's price fell to the $3,768.45 price level and it commenced a range movement. The digital currency is now fluctuating above the $3,700 price level. Meanwhile, since the price is below the EMAs the digital currency is likely to fall
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