Bitcoin (BTC) Price Analysis – $7300 Remains Significant For Short-Term Bulls, Can Bitcoin Break This Resistance?

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26 December 2019 | Updated: 26 December 2019

As the year 2019 runs to an end, Bitcoin’s price continues to trade above the $7100 support for some days now following a sharp rejection at $7700 on December 23. The short-term bullish sentiment would remain valid as long as Bitcoin stays above technical support of $7000. Today, BTC dominance is up by 68.9% but the entire market cap keeps depreciating below $200 billion. However, we can expect the upward trend once $7300 breaks.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Key resistance levels: $7300, $7400, $7500
Key support levels: $7200, $7156, $7100

Bitcoin is now gearing for an upward movement after creating new support at $7100 over the last three days of trading, though the $7000 support has remained the last defence line for the bulls. This support may be at threat if the bears show strong interest in the market. But looking at the current market structure, Bitcoin is forming another bullish setup.

BTCUSD, Hourly Chart – December 26

The bullish formation would become valid if the price can surpass key resistance of $7300. This would allow further buying to $7500 in no time. Though, the RSI is slightly above 50 levels to indicates buyers are turning active in the market. The MACD band is slowly rising but yet to cross to the positive zone. We can expect a massive increase as soon as crossover occurs.

Bitcoin (BTC) Price Analysis: 15M Chart – Bearish

While attempting to breakout, Bitcoin has been facing multiple rejections at $7275 –$7300 resistance zones at which the yellow horizontal zone aligns. This yellow horizontal zone has halted a lot of bullish actions since yesterday, though there’s a high probability for a breakout soon. A successful breach would allow buyers to reclaim $7400 and $7500 resistance.

BTCUSD, 15M Chart – December 26

As we can see, Bitcoin is footing another bullish near this zone. If the price faces rejection again, the market could roll back to $7200 and perhaps $7156 support. Though, the $7100 is still supporting the short-term bullish trajectory. The technical indicators are now trending in the positive zones, suggesting a potential price increase. A climb above the $7300 should confirm a buy for Bitcoin.

BITCOIN BUY SIGNAL

Buy Entry: $7300
TP: $7477
SL: $7191

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Michael Fasogbon

Michael Fasogbon is a professional Forex trader and cryptocurrency technical analyst with over five years of trading experience. Years back, he became passionate about blockchain technology and cryptocurrency through his sister and has since been following the market wave.