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

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

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

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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.