Bitcoin (BTC) Price Analysis – Price Correction: Mid-Week Reversal Could Spark BTC Price To $7600

Bitcoin (BTC) Price Analysis – Price Correction: Mid-Week Reversal Could Spark BTC Price To $7600

Earlier today, we have seen Bitcoin’s price dropped to $7100 (Bitfinex) due to liquidation from sellers, but followed by a quick buy to $7200. Though, the sellers are still pretty gaining dominance. Considering the recent bounce at $7100, Bitcoin is slowly recovering on the lower time frame. A possible correction may reach $7600. Otherwise, Bitcoin could revisit November low.

Bitcoin (BTC) Price Analysis: Hourly Chart – Bearish

Key resistance levels: $7300, $7400, $7500, $7600
Key support levels: $7100, $6880, $6750, $6600

Following slow bearish actions from $7600, Bitcoin touched $7100 today with a pin-bar that eventually brought BTC back to $7200. The latest price rejection was an indication of a bullish action which could allow buying to $7500 and $7600. Still, there’s a need for a channel break-up at $7300.

BTCUSD, Hourly Chart – December 12

Meanwhile, Bitcoin is still looking bearish on a short-term. A rejection at the $7300 may keep the downward trend valid, although the price may sharply slip back to $7000 before breaking low to $6880, followed by $6600 support. But looking at the current bullish pattern on the technical indicators, Bitcoin’s price is likely to buy at any moment.

Bitcoin (BTC) Price Analysis: 15M Chart – Bearish

Bitcoin is looking bearish on the 15-minutes time frame, but the price is likely to increase due to the current price break. Bitcoin has established support around $7100 as we can see on the chart below. The current break on the MACD suggests that the buyers are coming back into to market.

BTCUSD, 15M Chart – December 12

More so, we have seen Bitcoin climbing back on the RSI indicator which is likely to allow a short-term buying to $7300, $7400 and $7500 resistance. The buyers may be trapped if $7200 fails to hold as Bitcoin’s price may fade back to $7100 and $7000 support. It may even extend to $6880 and $6750 support. But looking at the market structure, a mid-week reversal could be at play.

BITCOIN BUY SIGNAL

Buy Entry: $7178
TP: $7300 / $7400
SL: 7080

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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.