Price Analysis

Bitcoin Holds an Important Support at $6.4k and Takes an Intraday Positive Move

eToro

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.

Bitcoin News
BTC/USD Chart By TradingView

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.

eToro Crypto

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.

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.

Related Articles

Back to top button