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Bitcoin price to see further sideways movement near $19,000

TL;DR breakdown

  • Bitcoin price currently at $19,032
  • Low momentum on either side suggests further sideways movement on the short-term
  • Mid-term chart suggests an increase towards the $20,000 mark.

Bitcoin price prediction: Today’s price overview

Bitcoin (BTC) price opened at $18,652, which turned out to be the day’s lowest as wave-like bullish activity marked the charts. While Bitcoin price had a strong start to the day, the bullish momentum died by 09:00 UTC, and the price has consolidated since.

Bitcoin price to see further sideways movement near $19,000 3

As shown in the above chart, the bitcoin price has moved in two trends today, starting with an ascending channel as the price rose from lows of $18,500 to a high of $19,181. At that point, the bullish momentum died down, and the price declined below $19,000 before finding support. Since then, the charts have observed crisscross movement with no clear price direction.

Currently, the price of Bitcoin is $19,032 showing a 2.04 percent increase from the day’s opening price.

On the technical indicators, the MACD remains bearish but suggests a bullish reversal as the two EMAs show signs of convergence. Furthermore, the RSI also shows upwards movement suggesting an increasing bullish momentum.

If the support level at $18,940 is defended, the price can see movement towards $20,000 very soon. The nearest resistance is at $19,090 and has stopped two bullish attempts at breaking through. Traders should expect further sideways movement as the bulls gather momentum.

Bitcoin price since November

Bitcoin price to see further sideways movement near $19,000 4

Bitcoin price started the month at $13,778 with a slight bearish momentum that died after a brief price correction. On November 2, the price declined to a low of $13,200 that turned out to be the month’s low as the bulls dominated the markets for most of the month.

The price action found strong support at the $13,200 level, which enabled the bulls to initiate a bullish reversal. The price observed sharp bullish activity on 4 and 5 November as the price climbed from $14,029 to a high of $15,513 by November 6. On November 6, the bullish momentum was exhausted, and the bullish activity halted as bearish pressure increased.

Bitcoin price continued to consolidate between $15,000 and $15,000 till November 12, with the bears making two failed attempts at a downwards break. On November 12, the bulls charged above only for the price to consolidate near the $16,000 level until November 16. As the bullish momentum condensed, the price rose sharply, breaking above the $18,000 level in two days.

The bullish momentum declined on November 19 as Bitcoin price failed to close above the $18,000 level. However, the price rose above the level after a brief consolidation reaching $19,000. Although the price managed to rise above the $19,000 level, it was only briefly as the bullish momentum died down and the bears took over.

The price action sharply retraced, falling below the $17,000 level before the buyers managed to defend a support level. The price action bounced sharply from the $16,200 support level and continued ascending until the start of December, at which point the price had recovered to $19,000. Since then, the price has consolidated with wave-like bearish activity dominating the charts.

Currently, the nearest support level lies at the $18,500 level and has been tested twice. Further below, strong support lies at $16,500. Meanwhile, price is currently facing resistance above the $19,500 level while further above resistance lies at the $20,000 psychological level.

On the technical indicators, the MACD shows declining bullish momentum as the two EMAs show signs of converging. Meanwhile, the RSI remains neutral, suggesting low momentum towards either side.

If the price continues to hold above $18,500, the price will continue to consolidate near the $20,000 mark for a few more days before breaking above. Currently, the low bullish pressure suggests that a downward break may result in a sharp price drop. If the price breaks below, the Bitcoin price can be expected to dive towards the $16,6500 support level.

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