Bitcoin Price Prediction: BTC/USD Recovers Above $51,000
Bitcoin Price Prediction – December 27
The Bitcoin price prediction shows BTC trading towards the upper boundary of the channel after the king coin recovers from $50,480.
BTC/USD Long-term Trend: Bearish (Daily Chart)
Key levels:
Resistance Levels: $55,000, $57,000, $59,000
Support Levels: $48,000, $46,000, $44,000
BTCUSD – Daily Chart
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BTC/USD is currently holding above the $51,000 level as the coin prepares for another push higher. Looking at the daily chart, the Bitcoin price is now making an attempt to maintain the bullish movement as the red-line of the 9-day moving average crosses above the green-line of the 21-day moving average but bears may struggle to gain momentum as the entire crypto market embarks on upward movement.
Bitcoin Price Prediction: Bitcoin Price May Revisit the Upside
The Bitcoin price is currently trading at $51,326 with a gain of 1.03% on the day. BTC/USD is likely to cross above the upper boundary of the channel as the technical indicator Relative Strength Index (14) prepares to move above 55-level. It is important that the bulls reclaim this barrier as this would allow them to focus on higher levels towards $52,000. On the other side, any declines below the 9-day and 21-day moving averages could easily open the way to the south.
However, the breakdown towards $50,000 is out of the picture because the current movement shows that BTC/USD is technically ready for the breakout above $52,000. Therefore, looking at the daily chart, Bitcoin (BTC) is likely to regain ground by moving the market price to the next level.
Moreover, any bullish movement across the upper boundary of the channel may push the price to the resistance levels of $55,000, $57,000, and $59,000 while the supports are located at $48,000, $46,000, and $44,000 respectively.
BTC/USD Medium – Term Trend: Ranging (4H Chart)
Looking at the 4-hour chart, the Bitcoin price crosses above the 9-day and 21-day moving averages as the coin move towards the upper boundary of the channel. Therefore, if the price continues to rise further and move above the channel, it could reach the nearest resistance levels at $53,000, $55,000, and $57,000 respectively.
BTCUSD – 4 Hour Chart
Moreover, if the bears bring the coin below the 9-day and 21-day moving averages; it may likely hit the closest supports at $50,000, $48,000, and $47,000. Presently, the technical indicator Relative Strength Index (14) is seen moving above 60-level to increase the bullish movement within the market.
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