Bitcoin bears have regained momentum and broke below $18,500 support with a daily bearish candle close. Bitcoin failed to sustain the bullish bias above $19,900 key level. What is next? Can BTC bulls regain momentum again? What are the charts and technical indicators are saying? Read on to find further insights into today’s BTC/USD Technical Analysis.
December 10, 2020, | AtoZ Markets – Bitcoin price fall today morning during the Asian session against the U.S. Dollar. Bitcoin’s intense amendment to $17,500 did not surprise to investors, and many anticipated that the cryptocurrency should decline as low as $16,000. Hence, the snappy recuperation back to $18,600 is intriguing, and it supports the prevalent view that retail and institutional investors are quick to buy each Bitcoin dip. Bitcoin is currently trading around $18,400 area and trying to push downside. However, the price is still residing above the dynamic level of 20 EMA on the daily chart. As per the current price action, BTC may fill-up the bullish gap of last week in the coming days.
Bitcoin Failed to Sustain Further as Investors Psychology Working Negatively
BTC is currently residing near $18,400 area and trying to decline. Moreover, the Kumo Cloud is still holding the price as support on the intraday chart.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, Bitcoin failed to sustain the bullish bias further and currently trading around $18,400 area. As per the current scenario, if the price can have an impulsive bearish candle close below $18,600 to $18,500 area, the bears may sustain the bearish pressure towards $16,700 to $16,500 area in the days ahead. Alternatively, if the price breaks above $18,500 to $18,600 area impulsively, the bulls may recover upside towards $19,500 to $19,900 area in the process.
In addition, the dynamic level of 20 EMA is currently residing above the price. Along with the Kijun line. The dynamic level may act as strong resistance and push the price further downside. Besides, the Kijun line may work as a confluence of the dynamic level in the coming days.
BTC Bulls Are Still Optimistic
According to the daily chart, Bitcoin failed to sustain further upside and currently trading around $18,400 area. As per the current price action, if the price can have an impulsive bullish candle close above $18,500 to $18,600 area, the bulls may recover higher towards $19,500 to $19,900 area as a first target. The second target will be $20,800 to $21,000 key area if the price can break above $19,500 to $19,900 area in the coming days.
Image: Bitcoin Daily Chart
Furthermore, the dynamic level of 20 EMA is currently residing below the price. It may work as strong support to push the price upside. Also, the MACD lines are currently residing above the 0.00 level. It indicates that bulls are still on the market.
To conclude, as long as the price residing above $16,700 to $16,500 psychological support level, the bias will remain bullish. A daily close is required to identify the definite momentum in the days ahead.