Bitcoin’s intraday positive movement has taken the coin to trade above $7,000, and more importantly, the coin has even hit $7,400 in the said duration. As per the commodity trader virtuoso, Peter Brandt, Bitcoin has rightly managed to support at $6.4k, which happens to be a potential support area to have a come back soon. The same is rightly supported by the BTC/USD movement observed over the past 3 years when Bitcoin was just a sapling.
The red dotted line in red shows the major support which is accompanied by 200-day MA around $5,000. This rightly means that the King will bow down to $5,500 and $5,000 before it rises its head in honor in the years to come. However, we can’t really predict if the coin will form a lower high or have a parabolic upsurge.
— Peter Brandt (@PeterLBrandt) December 18, 2019
Although, we cannot ignore the fact for the people who shorted in the bear channel that was formed in the past 3 trading months.
On the other hand, we also have BTC loyalists and lovers who would eventually ‘Buy the Dip’ and foresee a bullish crossover in the new year awaited. Accordingly, this support is believed to have a long-term significance, and $6.4k is accepted to be the lowest of 2019.
The positivity of the whale traders has apparently led the price of BTC to rise and trade around $7,400 after a week full of sluggish moves. There happens to be a no space for a further dip after the coin hits $5,000—marking the utter fall.
However, we can’t really rely on the volatility that’s present throughout the global crypto market, and we believe that a day’s movement is not sufficient enough to rightly justify the further step.