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

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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