The Bitcoin (BTC) price faces resistance
The BTC price has reached a new yearly high of $44,730 on December 8. However, it is currently struggling with a long-term horizontal and Fib resistance level. The question is whether BTC will be able to reclaim this level.
Bitcoin attempts to reclaim resistance
In the weekly time frame, Bitcoin has been on an uptrend since October and reached a new yearly high. The momentum shifted last week with the first bearish candlestick, resulting in a fall below a key resistance level. However, BTC seems to have regained its footing and is now attempting to reclaim this horizontal level.
RSI indicates overbought territory
The Relative Strength Index (RSI) is often used as a momentum indicator to determine whether a market is overbought or oversold. Currently, the RSI for BTC remains above 50 and in overbought territory. Although it has decreased slightly, it has not crossed below the 70 threshold, which would be considered a bearish signal.
What are the analysts saying?
Cryptocurrency traders and analysts have mixed views on the future trend of BTC. Income Sharks suggests that the short-term trend is bearish. On the other hand, TATrader Alan believes that the price may reach $60,000 before retracing to $50,000. Trader Tim predicts that the BTC price will soon increase above $45,000.
BTC price prediction: Is the price still correcting?
According to technical analysts using the Elliott Wave theory, BTC has initiated wave four within a larger upward movement. The conclusion of wave three is indicated by a significant bearish divergence in the daily RSI. The initial target for completing wave four is set at $40,300, followed by another upward movement to complete wave five. However, a breakout from the channel could trigger a 15% increase to the next resistance at $50,000.
Hot Take: BTC faces resistance as analysts have mixed views
The BTC price is currently facing resistance at a long-term level. While some analysts believe the short-term trend is bearish, others are more optimistic about the price reaching new highs. Technical analysis suggests that BTC may experience a correction before continuing its upward movement. However, if it breaks out from the current channel, it could lead to a significant increase in price. Overall, the future trend of BTC remains uncertain, and traders should closely monitor key levels and indicators to make informed decisions.
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