- BTC/USDT achieved a day high of $18750.
- BTC/USDT trend expects to turn towards bullish run.
- Upper limited threshold of $19700 could be tested.
The BTC/USDT trend analysis by Alexandar Harford suggests an increase in the price towards the 19428 USDT mark. The cryptocurrency observed a rise in the price on the 12th of December.
1-Day BTC/USDT trend analysis
The chart shows that Bitcoin observed several short-lived price drops on the 24-hour time frame, while the cryptocurrency lies bullish at the $18598.73 USDT mark at the time of writing. The highest for the day was marked at the 18708.36 USDT level, while the lowest worth for the cryptocurrency on the 12th of December was $17502.03 USDT.
What to expect from Bitcoin?
The Trading View analyst Hamada Mark has drawn two scenarios for the BTCUSDT pair while it has reached the bottom of an ascending parallel channel.
BTC has formed a double top structure on the ascending channel shown above. The price escaped several patterns built inside the bigger ascending channel, and the analyst believes that the cryptocurrency will now either move in short or long after breaking towards the upside or the downside from the ascending channel. Any break towards the downside will drop the cryptocurrency’s worth to the 14585 USDT mark, whereas the ascension will lead to a take profit at 21176 USDT. A long position was opened from the 17850 USDT. A long-term trade target below the 17150 USDT level lies below the 10000 USDT mark.
BTC/USDT trend analysis: Rise towards $19500 ahead?
Alexandar Harford is of the opinion that Bitcoin will see a rise soon. The price is expected to hit the 19500 USDT resistance after its recent double bottom at the 17600 USDT level.
The 200-Day Moving Average in yellow is showing excellent support to the cryptocurrency as it continues rising on the chart. The price also recently bounced from the local support, which is good news for the Bitcoin/USDT pair. The resistance zone lies between the 19428 USDT and 19884 USDT levels, which is where the cryptocurrency is expected to see its next take profit.
What’s next for BTC?
The BTCUSDT pair is expected to see a price pump after a dump, per the analyst. Observing the chart posted below, we can note that the crypto king has been trading in a descending channel. The price is expected to retest the 18900 USDT mark before it can see to the bears.
The price ascension will cause the cryptocurrency to retest the 18900 USDT resistance, after which a bounce-off will take the price down as a resulting dump. Eventually, the BTCUSDT pair will conclude the descending channel and breakout from it to rise to the 19225 USDT mark, which is where the final target price lies for this trade. The bottom of the channel is supported at the $17080 support.
Will Bitcoin break above the falling channel?
The Trading View analyst Napper expects the price to escape the descending channel that they have highlighted. Sooner or later, the price will bounce off the bottom with support from the 200-Day Exponential Moving Average (EMA).
The analyst also believes that the best buy zone for Bitcoin was at the 13876 USDT region. The price is expected to test the 19000 USDT resistance again before it can rise above the falling channel. A close above this resistance will allow the BTCUSDT pair to rise to newer heights.