Bitcoin (BTC) Price Analysis – Bitcoin Slowly Leaves $7000 Following Recent Break
Login

Bitcoin (BTC) Price Analysis – Bitcoin Slowly Leaves $7000 Following Recent Break

Estimated Reading Time: 2 minutes
Article Rating:
Based on 1 vote
Login to rate this article.

Michael Fasogbon

Updated:
The much-anticipated move for Bitcoin finally came yesterday, following a colossal drop below $7000 – where Bitcoin held as support for days. Now, the market is slowly leaving the $7000 zone, although we may see a retest before the next bearish surge. Currently, BTC is down by -2.58%, more drop is expected to play out.

Bitcoin (BTC) Price Analysis: 4H Chart – Bearish

Key resistance levels: $7100, $7300, $7500
Key support levels: $6814, $6611, $6400

Looking at the formed bearish pattern on the 4-hour chart, Bitcoin may extend selling to the lower boundary of the channel soon. Following the latest break below $7000 support, BTC is now consolidating around $6916. More price drop is expected as soon as selling pressure resumes. The next key level of support here is $6814, $6611 and $66400.

BTCUSD, 4H Chart – Dec 17

For a bullish correction, there’s a close resistance at $7100, where the channel’s upper boundary lies. However, the buyers might take over the market if Bitcoin spikes to $7300 and $7500. As of now, the RSI is slightly trading in the oversold territory. It may reach the lowest condition if the selling pressure continues. Additionally, the MACD shows that the bears are slowly gaining control of the market.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

The December 16 sudden drop has brought Bitcoin’s trading to the lower boundary of the channel, forming on the hourly chart. After falling to $6850 yesterday, BTC price has remained in a consolidation mode. Although, a possible retracement is likely to reach the channel’s resistance at $7000 and $7100 while selling pressure suspends.

BTCUSD, Hourly Chart – Dec 17

But if the sellers regroup now, the scenario would get uglier as potential support lies at $6800, $6700 and $6600. As shown on the hourly MACD, Bitcoin is bearish but a possible correction is at hand. Conversely, the RSI is relying on the 30 levels, poised for recovery.

BITCOIN SELL SIGNAL

Sell Entry: $7045
TP: $6816
SL: $7188

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Award-winning Cryptocurrency trading platform
  • $100 minimum deposit,
  • FCA & Cysec regulated
$100 Min Deposit
9.8
  • 20% welcome bonus of upto $10,000
  • Minimum deposit $100
  • Verify your account before the bonus is credited
$100 Min Deposit
9
  • Over 100 different financial products
  • Invest from as little as $10
  • Same-day withdrawal is possible
$250 Min Deposit
9.8
  • The Lowest Trading Costs
  • 50% Welcome Bonus
  • Award-winning 24 Hour Support
$50 Min Deposit
9
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9

Learn to Trade

Never Miss A Trade Again

step 1
Signal Notification

Real-time signal notifications whenever a signal is opened, closes or Updated

step 2
Get Alerts

Immediate alerts to your email and mobile phone.

step 3
Entry Price Levels

Entry price level for every signal Just choose one of our Top Brokers in the list above to get all this free.

Share with other traders!

telegram
Telegram
forex
Forex
crypto
Crypto
algo
Algo
news
News