Bitcoin (BTC) Price Analysis – Bull Vs Bear: $7300 – $7400 Zones Keep Bitcoin On Pause Ahead Major Move

6 December 2019 | Updated: 6 December 2019

Since our previous crypto trading signals, Bitcoin has been stuck in a tight range of $7300 – $7400 price areas. There’s a high tendency for a price explosion any time from now as the market could move either way. But for now, there’s no clue of where Bitcoin could be heading next. However, looking at the price actions on a lower time frame, BTC is likely to leave some footprints to follow.

Bitcoin (BTC) Price Analysis: Daily Chart – Bearish

Key resistance levels: $7500, $7850, $8250
Key support levels: $7300, $7000, $6800

Connecting the last two weeks lows and highs, Bitcoin’s trading is now spotted inside an ascending channel but has held trading around the lower boundary of the channel for more than 24-hours now. Bitcoin may soon go bullish if the buyers can rely on the channel’s support. With a massive buy-off, Bitcoin could reach $8250 with a blink but the buyers need to win $7500 and $7825 resistance before we can consider a true positive climb.

BTCUSD, 4H Chart – December 6

As shown on the RSI indicator, a bullish formation is slowly playing out but the MACD needs to produce a clean positive crossover before we can confirm a valid trend. However, heavy volatility to the downside is likely to cause a lot of selling pressure in the market. Additionally, BTC could bottom straight to $7000 and or even $6800 support. The bottom line is that Bitcoin needs to breach $7300 support.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Bitcoin is facing a lot of demand and supply around the $7300-$7400 zones for the past 24-hours now and at the same time trading around the upper boundary on the descending channel. Paying attention to the recent subdued market with choppy price actions, Bitcoin is ready for another major price shift.

BTCUSD, Hourly Chart – December 6

From a technical perspective, BTC is brewing for an upward swing as $7500, $7700 and $7900 resistance may be explored soon.

Adding to this, the technical indicators are still maintained in the bullish zones. This shows that the bulls are still very much present in the market. If the channel’s resistance keeps suppressing buying pressure, BTC price experience a collossal drop to the channel’s lower boundary. The key support to watch out for is $7200, $7100 and $7000.

BITCOIN BUY SIGNAL

Buy Entry: $7387
TP: $7700 / $7900
SL: 7277

  • Broker
  • Benefits
  • Min Deposit
  • Score
  • Visit Broker
  • Fund Moneta Markets account with a minimum of $250
  • Opt in using the form to claim your 50% deposit bonus
$250 Min Deposit
9
  • 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!

Michael Fasogbon

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.