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Bitcoin price prediction: On December 16th, the Bitcoin price breached two crucial support of $16825 and the ascending trendlines for an inverted flag pattern. Losing this support intensifies the ongoing selling pressure in the market, suggesting the BTC price may witness deeper correction in future support.
Key points
- The Bitcoin price is poised for a 6.5% drop following the inverted flag pattern breakdown.
- The daily-RSI slope reenters the negative region.
- The intraday trading volume in Bitcoin is $10.3 Billion, indicating a 49% loss.
Source-Tradingview
Amid the recent uncertainty surrounding Binance, the crypto exchange, and speculation that the US Federal Reserve will tighten the interest rates, the crypto market witnessed significant selling in the last few days.
As a result, the Bitcoin price tumbled 6.5% in the last four days and currently trades at the $16696 mark. However, this downfall breached the support trendline of a bearish continuation pattern called an inverted flag. In theory, this bearish pattern accelerates the selling pressure in the market after providing a minor pullback on the upside.
Thus, on December 16th, a long red candle pierced the support trendline, indicating the replenished bearish momentum. Today, the BTC price is 0.5% down trying to follow up on the support breakdown.
Therefore, if the selling pressure persists, the Bitcoin price may drop 6.5% down to hit the $15600 support.
However, the $16125 level stands as significant in-between support where buyers could try to wrestle for trend control.
Technical Indicator
RSI: the RSI indicator measuring the speed and magnitude of the coin’s recent price reflects the strength in price behavior. Thus, with the recent drop, the RSI sloped nosedive below the neutral line, and 14-SMA altogether indicates the increasing underlying bearishness in the market.
Bollinger band: the coin price moving below the indicator’s midline suggest the sellers are controlling the current price action.
Bitcoin Price Intraday Levels
- Spot rate: $16689
- Trend: Bearish
- Volatility: Low
- Resistance levels- $16825 and $17300
- Support levels- $16125 and $15900
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