BTC/USD Medium-term Trend: Bearish
Resistance Levels: $6,800, $6,900, $7,000
Support levels: $3,300, $3,200, $3,100
Yesterday, December 6, the price of Bitcoin was in a bearish trend. The crypto’s price made a bullish movement twice but was resisted by the 12-day EMA. The crypto’s price now falls in a downtrend. The price of Bitcoin is now approaching the $3,400 price level.
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. There will be no trade recommendation until the bearish pressure is exhausted.
BTC/USD Short-term Trend: Bearish
On the 1-hour chart, the price of Bitcoin is in a bearish trend. Yesterday, the crypto’s price was in a sideways trend in the previous day before it encountered a bullish trend that broke the 12-day EMA and the 26-day EMA . The crypto’s price reached the high of $3,800 and commenced a range bound movement.
The price of Bitcoin was ranging above the EMAs before the bears broke the EMAs again to resume its downtrend.Meanwhile, crypto’s s price is below the 12-day EMA and the 26-day EMA which indicates that price is in the bearish trend zone. Also, the MACD line and the signal line are below the zero line which indicates a sell signal.
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