Bitcoin (BTC) Trades with Inactive Supports; May Lead to $6,800

  • BTC trades at $7,289, below the major supports, i.e., $7,350 and $7,500
  • Bitcoin records a 7-day high around $7,830 and there happens to be an S/R flip; $7,350 and $7,500 prices are acting as major resistances
  • The downfall below $7,500 has been quite rapid in a 24-hour time frame

Bitcoin trades under selling pressure with no support from the short-term moving averages. BTC price seems to have taken a reverse turn towards the bearish side. The coin was trading firmly above $7,500 to a major extent in the previous week. The last trading month of 2019 has started with a fall and sluggish trends.

On top of the current trading scenario, the inactive supports are adding to the ongoing bearishness and selling pressure.

BTC/USD Price Chart
Bitcoin Price Chart by TradingView

Analyzing the 5-day movement of BTC/USD on Coinbase, we see that the coin has hit the lower Bollinger Band more than hitting the upper Band. Within the said time frame, Bitcoin’s price has been in the range of $6,800–$7,800. Eyeing towards trading around $8,000 or above it by the end of the year seems quite a task now as the price is unapologetically below $8,000 since November 21, 2019. Aiming for $8,000 by the end of the year will be quite illusionary; however, will BTC price even manage to remain above $7,000?

Bitcoin has soared as high as $13,000 in the year 2019; however, currently, it is trading halfway when compared to the same. Trading below $7,000 is going to be no shock for BTC investors and loyalists but, it will not close the year on a good note, though. The technical indicators confirm the inherent bearishness and volatility that the coin holds.

Technical Indicators:

The MACD of Bitcoin is running below zero, wherein both the lines, i.e. signal line and MACD line, move together.

While the RSI of the BTC coin is at 47.28 and has risen from the solid oversold region.

Based on BTC coin price prediction, a persistent trade above $7,350 and $7,500 will technically push the coin to remain above $7,000 by the end of the last trading month.

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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