Kev Tshawb Fawb Bitcoin (BTC) Kev Tshawb Fawb Nqi - Bitcoin Qiv Them qeeb $ 7000 Tom Qab Ib Zaug Tsis Txaus

Michael Fasogbon

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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) Kev Tshawb Fawb Nqe: 4H Daim Ntawv Cim - Xyooj

Cov qib yuam sij: $ 7100, $ 7300, $ 7500
Cov theem txhawb nqa: $ 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) Kev Tshawb Fawb Nqe: Teev Sijhawm - 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.

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Michael Fasogbon

Michael Fasogbon yog tus kws tshaj lij Forex kev lag luam thiab cryptocurrency cov kws tshaj lij kev lag luam nrog ntau tshaj tsib xyoos ntawm kev paub txog kev ua lag luam. Xyoo dhau los, nws tau mob siab rau blockchain thev naus laus zis thiab cryptocurrency los ntawm nws tus niam hluas thiab txij li tau ua raws li kev ua lag luam yoj.

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