Bitcoin (BTC) Price Analysis – Bitcoin Gears For Bullish Move But Volatility Remains Insignificant

Bitcoin (BTC) Price Analysis – Bitcoin Gears For Bullish Move But Volatility Remains Insignificant

Since the beginning of the month, the Bitcoin’s volatility is seriously shrinking and subdued with choppy price actions. Meanwhile, we may experience a big shock wave soon. Looking at the price chart, it appeared that Bitcoin could make a heavy surge to the upside. Though BTC price is still trading around $7500 for the past three days now; we can expect a significant price rally anytime from now.

Bitcoin (BTC) Price Analysis: Daily Chart – Bullish

Key resistance levels: $7676, $7900, $8250
Key support levels: $7167, $6800, $6600

Following the November 25 recovery at $6600, Bitcoin climbed $7000 (now major support) and it has continued to trade above the support. After dropping to $7130 on December 4, buying pressure has been a bit paused around $7600 zone with insignificant volatility; showing that a surge in volatility is lurking around the corner.

BTCUSD, 4H Chart – December 9

Above the triangle pattern, the key level of resistance is $7676, followed by $7900 and $8250. Due to the recent low volatility in the market, Bitcoin is showing a sign of bullish on the MACD but remain unclear at the moment. More so, the RSI is moving sideways and currently supported by the 50 levels. A downward shift could cause a serious breakdown to $7167, $6800 and $6600 support.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bullish

Bitcoin’s price is tightening on the ascending wedge as a price break could be brewing. The buyers have been gaining control of the BTC market for the past few days. Now, it appears they are losing momentum. If the bulls can reclaim $7600, followed by $7700 resistance, Bitcoin’s price could retest $7900 – the December 4 high.

BTCUSD, Hourly Chart – December 9

While testing the wedge’s support, a breach could lead to a serious price fall as $7400, $7200 and potentially $7100 support could be exposed to selling pressure. Nevertheless, BTC remains positive on the MACD; the RSI currently levels at 50 to show an indecisive market. As long as Bitcoin holds $7000 support, we can expect the short-term bullish formation to remain valid.

BITCOIN BUY SIGNAL

Buy Entry: $7511
TP: $7676
SL: 7377

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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.