If the bears maintain their bearish momentum the previous low of $3,247 price level may be the target of Bitcoin.
The bullish rally of the Bitcoin price is not certain until the coin breaks out at the resistance level of $4,249 and retests the level.
The bearish candle will have to penetrate and close below the support level of $3,679 before BTC price will experience bearish breakout and this may return it to its previous low of $3,247.
Bitcoin is somewhat losing its value on Thu Dec 27, trading at $3876.80, reports Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
Should the bullish pressure break up the 50-day EMA and the resistance level of $4,716, then, Bitcoin price may have its target at $5,447 – $6,281 level.
After a large plunge, the BTC is recovering. The market is still uncertain, but the flagship crypto takes its chance to rise. On Thu, Dec 20, 1 BTC is $4,137, reports Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
The Bitcoin bullish rally will be anticipated in case there is a strong bullish candle that breaks and closes above the resistance level of $3,726.
Bitcoin is again under pressure on Thursday, Dec 13, trading at $3,463, reports Dmitriy Gurkovskiy, Chief Analyst at RoboForex.
A breakout below the support level of $3,094 will further decline in Bitcoin price towards $2,261 – $1,500 price level. Traders can remain flat as long the consolidation continues.
The traders should watch out for the breakout before taking the position. Should the bulls defend the $3,949 price level, the Bitcoin price may rally to the north and have its target at $5,084 – $5,667.