Bitcoin (BTC) Price Analysis – Bitcoin Is Poised For Bullish But Volatility Remains Low

Bitcoin (BTC) Price Analysis – Bitcoin Is Poised For Bullish But Volatility Remains Low

Since the monthly short opening, Bitcoin has been relying on the $7200 support but has failed to bounce back due to low pressure in the market. A drive beneath the above-mentioned support may lead to a weakness in price. However, BTC dominance currently increased by 0.1%. We may see a bullish rally if the percentage continues to rise.

Bitcoin (BTC) Price Analysis: Daily Chart – Bearish

Key resistance levels: $7445, $7844
Key support levels: $7210, $7051

Though, Bitcoin’s price has managed to bounce off the channel’s lower boundary at $6600 during last week’s trading. Despite that, the mid-year bearish bias remains dominant. Currently Bitcoin is on a four days decline with current trading price at $7387. Meanwhile, key support is near $7200 and $7000 – an important level for Bitcoin.

BTCUSD, Hourly Chart – December 3

Gaining momentum above $7445 is an indication for a bullish continuation as $7844 could be explored. Still, $9000 remains a key bullish target if BTC keeps respecting the descending channel. The daily MACD for Bitcoin is still very much in a bearish zone but it may climb back we see a decent rise. Similarly, the price is looking for a retest on the RSI 30 as rebound may occur.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Trading volatility has been quite low over the past two days. Bitcoin trades below $7500 price zones since the weekly opening, although there’s a minor resistance for the market at $7445 which is likely to determine a potential buying pressure if the resistance breaks.

BTCUSD, Hourly Chart – December 3

Moreover, the market is likely to face a yellow-dotted regression line that aligns with the weekly high of $7500 before we can confirm a bullish move to $7800.

Currently, the RSI is showing strength with a buy setup but it may meet resistance at the overbought level. Conversely, looking at the hourly MACD, it appeared the buyers are slowly turning up to price actions. However, BTC holds support at $7210. Also, $7051 support may come into play if the price further dips.

BITCOIN SELL SIGNAL

Sell Entry: $7378
TP: $7210
SL: 7460

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$200 Min Deposit
9
  • Award-winning Cryptocurrency trading platform
  • 14 Cryptoassets available to invest in
  • FCA & Cysec regulated
$200 Min Deposit
9.8

Highly volatile unregulated investment products. No EU investor protection.

  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$100 Min Deposit
9.8
  • Trade top Cryptos such as Bitcoin, Litecoin and Ethereum plus more
  • Zero commissions and no bank fees on transactions
  • Around the clock service with support in 14 languages
$100 Min Deposit
8.5
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
Share with other traders!

Author : Michael Fasogbon

Avatar

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.