Bitcoin currently trades stably around $7,200 and $7,300 price area; at the press time, BTC was at $7,286.55. Interestingly, the king of the cryptocurrencies is trading with total support from the daily moving averages and is under the ‘buy phase’. We are likely to see this influence on the altcoin market as well. The current price is facing major resistance around the mentioned price range only.
BTC needs to take a direction soon or as per the trend and 50-day MA, it is likely to get squeezed in between forming an ultimatum apex.
BTC finds itself under an ultimatum, action has to be taken soon or it will be forced into making a choice. As things stand right now price is being squeezed between the 50MA and the green trend line . What action does BTC need to take? pic.twitter.com/7EzzWrGqWi
— CryptoGats (@Cryptogato1) December 27, 2019
the downside of the previous month has been quite noticeable; however, the current movement is rightly supported. The current price of BTC is edging above the 23.6% Fib Retracement level.
Bitcoin Price Analysis:
Analyzing the 4-hourly movement of BTC/USD on Coinbase, we see that the coin has hit double bottom in a duration of 2 months, around $7,000. The recent falling wedge that is forming is expected to take a rising leg facing the first target around $7,800, which will rightly call for a boom. Otherwise, the coin will be seen bottoming out around the same price if it gets squeezed between the trendline and 50-day daily MA, as supported by the tweet.
The current support is giving the positive signal for an uptrend sooner and the same is confirmed by the disappearance of the selling pressure. Check out our Bitcoin forecast to know the possible price levels for the near future.
The technical indicators also confirm the possibility of an uptrend as it throws the positive signal, unlike all the major altcoins. The MACD of Bitcoin is above zero and holds a slight bullish crossover.
The RSI of the coin is at 54.89 and is seen to be rising towards the overbought region as the selling pressure disappears.