Bitcoin (BTC) Price Analysis – $7300 Support Fails, Will Bitcoin End 2019 On Bearish?

Bitcoin (BTC) Price Analysis – $7300 Support Fails, Will Bitcoin End 2019 On Bearish?

Well, we will get to know that at the close of the day. Since Bitcoin fell from $7700 on December 23, the price has been facing a lot of huge supply and demand, trapping the most-traded coin to between $7100 – $7500 zones for a couple of days now. If Bitcoin manages to cross these price zones before today’s close, it might leave a clue on the possible direction for the year 2020.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Key resistance levels: $7300, $7400, $7500
Key support levels: $7200, $7300, $7000

Yesterday, we mentioned the $7300 support as possible rebound level for Bitcoin but it appeared the support could not hold due to the heavy supply in the market. As we can see on the hourly chart, Bitcoin is now trading slightly below this controversial support-turned-resistance level with the current price at $7266.

Meanwhile, the $7200 was rejected twice and at the same time facing $7300 resistance. This has resulted in a small consolidation cycle over the past few hours. If Bitcoin climbs back above this resistance, the $7400 and $7500 resistance may resurface.

BTCUSD, Hourly Chart – December 31

On the other hand, a drop below $7200 may expose $7100 support and most especially $7000 to a bearish threat. However, the technical indicators are back in their negative zones, suggesting that the sellers are returning back in the market.

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

The December 29 rejection around $7500 positioned Bitcoin in a downward range on the 15-minutes time frame. But now, it seems BTC is footing another bullish swing, though the setup is not confirmed at the moment. The current break above the white regression line suggests a potential increase but the $7300 is an important resistance for the buyers to conquer.

Once this resistance breaks, BTC is likely to retest $7400 and $7500 resistance.

BTCUSD, 15M Chart – December 31

If the $7300 rejects, the price may roll back to $7200 and potentially $7100, which has been functioning as a key support for a while now. More so, Bitcoin is showing positive signs on the technical RSI and MACD indicators. We should expect an upswing as soon as price increases above the immediate resistance level.

BITCOIN BUY SIGNAL

Buy Entry: $7266
TP: $7377
SL: $7170

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Author : Michael Fasogbon

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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.