Is it Game Over for Bitcoin Bullrun? – Technical Analysis – 20th Dec, 201
Well, Crypto market has been calm for the past few weeks after a major Drop in price from around $56,000 to as low as $42,000. While most part of crypto Community wasn’t expecting that dip proves that Bitcoin does what most doesn’t expect it.
In this article we will find out whether its game over for Bitcoin Bull run or Not really. This price analysis is completely based on technical analysis.
Bitcoin Technical Analysis – December 2021
Bitcoin made a double top on the 1-Day Chart and currently barely sitting at 200 day moving average which works as massive support level for Bitcoin.
Major Support at 200 Day MA – Will Bitcoin Bounce Back?
Its a no brainer that bitcoin will bounce back eventually. Currently, bad news for Bitcoin is That its Losing 200 day Moving Average Major Support.
As in the chart above, the 200 Day MA is at $47,200 approax. And Bitcoin has closed the candle below the 200 day MA Which indeed is Bearish for Bitcoin.
Well, good news is that Bitcoin has been in this situation several times before and it turned out that bitcoin bounce back even after closing below 200 day MA. So, Chill Out.
Bitcoin RSI Index – Looks Nuetral
RSI is a great tool for price forecast for almost any stocks and crypto. Bitcoin RSI is currently sitting at around 36 which is nuetral and does not indicate either bullish or bearish Price movements in Bitcoin for the near future.
Support and Resistance Levels
Currently, Bitcoin Major Support Levels are $47,000 – $45,500 – $42,000 and $38,000
Bitcoin Major resistance levels are $49,800 – $51,600 – $53,500
Its a Critical moment for Bitcoin, next few days and week will decide the future of Bitcoin Bull run. Market Sentiments looks Bearish Overall. There is a chance that Bitcoin Price might hit below $38,000. We would suggest to watch out before trading for the next few days.
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