Bitcoin (BTC) Price Prediction – December 29
The price of Bitcoin rises for another bullish day as the technical indicator continues to move within the overbought zone.
BTC/USD Long-term Trend: Bullish (Weekly Chart)
Resistance Levels: $32,000, $32,200, $32,400
Support Levels: $22,700, $22,500, $22,300
BTC/USD is seen pushing the market price above the potential resistance level as the coin keeps moving above $26,000 to trade at $26,888 at the time of writing. The first digital asset is currently moving with strong bullish momentum after a sustainable break above an important technical level.
Where is BTC Price Going Next?
The weekly chart reveals that the technical indicator RSI (14) is floating in the overbought region. Additionally, the price seems to have reached the upper limit of the linear regression channel coming from last month November 2020, suggesting that BTC/USD could retreat toward $23,000, before attempting to break higher.
However, the 9-day and 21-day moving averages continue to edge higher, showing no significant bearish pressure for the time being. On the upside, $28,000 aligns as the initial resistance. A daily close above that level could lift the price to $32,000, $32,200, and $32,400. In other words, BTC/USD could retreat towards the moving averages. More so, if it breaks below $23,000, the critical supports are located at $22,700, $22,500, and $22,300 respectively.
BTC/USD Medium – Term Trend: Bullish (4H Chart)
According to the 4-hour chart, BTC/USD is currently in the ascending range of the medium-term outlook as the target market is keeping the support levels of $25,600, $25,400, and $25,200. Meanwhile, the bulls are gaining momentum with the support of a 9-day moving average as the buyers keep the position intact.
Looking at the technical indicator RSI (14), it shows that BTC price may begin to move sideways before a rebound could take place. Immediately after the market rebounds, the buyers may hit the resistance level of $28,200, $28,400, and $28,600.