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

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Michael Fasogbon

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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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