- Bitcoin is currently trading around $7,200, drawing a slow declining trading channel
- BTC seems to have been facing moderate volatility as compared to other altcoins in the market, as they trade stably
- The lowest in the said time frame is hit around $7,000, and in the past two days BTC has notably hit $7,660.31
Bitcoin has been drawing an unruly wavy declining channel with a glimpse of hits above $7,500 in between. If such a trend continues, we believe that this plunge will dig deeper, and BTC price is facing ultimate resistance around $7,500 price area. At 12:25 UTC on December 11, 2019, with a few hits above $7,600 and $7,700, Bitcoin has confirmed the volatility it inherits within.
Bitcoin Price Prediction
Analyzing the 10-day movement of BTC/USD on Coinbase, we see that the coin has temporarily hit the price areas above $7,500 at $7,775.00 and $7,660.31. After having hit bottom at $7,086.76 in the past six days, the Bitcoin price gained momentum to trade at $7,660.31 and thereby confirms the wavy movement against USD. The current trading price lacks active support from the nearest trading area to limit the fall. The selling pressure is quite dense as well, for which we believe that a persistent trade above $7,500 would help the coin to gain the lacking support of the moving averages.
As per the current price trend of BTC/USD, we see that the 10-day MA is providing slight support while the 50-day and 200-day MA are still inactive as the coin is currently correcting downwards.
The MACD of the BTC is running below zero but holds a bullish crossover as the MACD line has hit the signal line from below.
The RSI of Bitcoin is at 46.84 and holds no extremities at present. However, it confirms the slight bullish crossover of the MACD line as the RSI is currently correcting above the oversold region.