Bitcoin Price Prediction: Will Bitcoin’s Fall Continue in The Next Week?
Bitcoin price prediction: The Bitcoin price broke the $16825 support and the ascending trendlines that indicate an inverted flag pattern on December 16th. This support loss intensifies the selling pressure in the market and suggests that the BTC price could experience a deeper correction in future support.
After the breakdown of the inverted flag pattern, Bitcoin prices are poised to drop 6.5%.
The daily-RSI slope reenters negative territory.
Bitcoin’s intraday trading volume is $10.3 billion, which indicates a 49% loss.
The crypto market saw significant selling amid uncertainty surrounding Binance, the cryptocurrency exchange, and speculations that the US Federal Reserve would tighten interest rates.
The Bitcoin price plunged 6.5% over the last four days, and is currently trading at $16696. This downfall broke the support trendline for a bearish continuation pattern known as an inverted flag. This bearish pattern, which is a pullback on the upside, theoretically accelerates the market’s selling pressure.
On December 16th, a long, red candle crossed the support trendline. This indicated the replenished bearish momentum. The BTC price is currently 0.5% lower trying to follow-up on the support breakdown.
If the selling pressure continues, the Bitcoin price could drop 6.5% to reach the $15600 support.
The $16125 level is a significant support level where buyers can try to control the trend.
RSI: The RSI indicator measures the speed and magnitude at which the coin’s price has fallen in recent times. It reflects price behavior strength. The recent drop in RSI reflected a nosedive below neutral, and the 14-SMA all indicate an increasing bearishness.
Bollinger band: A coin’s price movement below the indicator’s midline indicates that sellers are in control of the current price action.
Bitcoin Price Intraday Levels
Spot rate: $16689
Resistance levels: $16825 and $17300
Support levels: $16125 and $5900
About the author
The content presented may contain the author’s personal opinion and is subject to market conditions. Before investing in cryptocurrency, do your market research. The publication or the author are not responsible for any financial loss.