Sunday, December 15, 2019

Bitcoin (BTC) Resilience Pauses But Not Out of Woods Yet

NewsBTC
NewsBTChttp://www.newsbtc.com
NewsBTC takes pride in claiming to have some of the best minds in the cryptocurrency industry onboard, who are instrumental in offering quality content to the masses under the NewsBTC Media Group banner.

  • Bitcoin price is consolidating gains above the $7,400 and $7,295 support levels against the US Dollar.
  • The price is likely to accelerate higher once it clears the $7,600 and $7,700 resistance levels.
  • There is a key declining channel forming with resistance near $7,610 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair remains well supported on dips near the $7,400 and $7,300 levels in the near term.

Bitcoin price is likely forming a bullish pattern above $7,400 against the US Dollar. BTC could soon rally towards $8,000 or $8,200 once it clears the $7,700 resistance region.

Bitcoin Price Analysis

Yesterday, bitcoin climbed above the key $7,300 and $7,400 resistance levels against the US Dollar. Moreover, there was a close above the $7,400 level and the 100 hourly simple moving average.

It opened the doors for more gains above the $7,500 level. Finally, the price tested the next key resistance near $7,700 (as pointed out in the weekly forecast). A high was formed near $7,676 and the price is currently correcting lower.

It traded below the $7,600 and $7,550 levels. Besides, there was a break below the 23.6% Fib retracement level of the upward wave from the $6,855 swing low to $7,676 high.

However, the $7,400 support area seems to be acting as a strong buy zone. If there is a break below the $7,400 support, the price could test the $7,300 and $7,295 support levels.

The next key support is near the $7,260 level and the 100 hourly simple moving average. It coincides with the 50% Fib retracement level of the upward wave from the $6,855 swing low to $7,676 high.

If there is a downside break below the $7,260 level and the 100 hourly SMA, bitcoin could resume its decline. On the other hand, the price is likely to continue higher above the $7,600 resistance.

Additionally, there is a key declining channel forming with resistance near $7,610 on the hourly chart of the BTC/USD pair. A clear break above the $7,600 and $7,700 resistance levels could set the pace for a rise towards $8,000 or even $8,200 in the near term.

Bitcoin Price

Looking at the chart, bitcoin price seems to consolidating gains above the $7,400 and $7,300 support levels. Therefore, the price is likely to climb further above $7,700 as long as there is no close below the main $7,260 support area.

Technical indicators:

Hourly MACD – The MACD is likely to move back into the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is currently declining and it is just below the 50 level.

Major Support Levels – $7,400 followed by $7,260.

Major Resistance Levels – $7,540, $7,600 and $7,700.

The post Bitcoin (BTC) Resilience Pauses But Not Out of Woods Yet appeared first on NewsBTC.

Analysis: Bitcoin (BTC) Resilience Pauses But Not Out of Woods Yet published by

- Advertisement -
- Advertisement -

Latest News

Bitcoin Weekly Forecast: BTC Trend Overwhelmingly Bearish

After struggling to recover above $7,300, bitcoin price started a fresh decline against the US Dollar. The price is currently...

Ethereum Price Weekly Forecast: ETH Primed For More Downsides

ETH price is trading in a bearish zone below the $142 and $146 resistance levels against the US Dollar. The price is declining and it...

 Pet Technology Unleashed! Pawtocol Launches its First IEO

 Pets will earn Universal Income by simply being pets MIAMI--(BUSINESS WIRE)--Pawtocol, the premier Blockchain company dedicated to the pet community, will launch its IEO marking...

PBExpo Announces Digital Aviation Revolutionary, GE Aviation, as Keynote for PBExpo 2020

BOCA RATON, Fla.--(BUSINESS WIRE)--#DIGITALTRANSFORMATION--PartsBase & PBExpo announced today that Chief Commercial Officer of GE Aviation Digital Solutions, Andrew Coleman, will present as a keynote...

Tezos (XTZ) Close to Hitting 2019 High; Is Correction Looming?

The price of blockchain asset XTZ came closer to establishing a record yearly high on Friday. The Tezos’ native token established an intraday peak of...