Bitcoin price failed to break above the $7,700 resistance level and it started to decline. The BTCUSD pair is now trading below $7,400 level.
Bitcoin Price Medium-Term Analysis
Yesterday, December 23, the price of Bitcoin (BTC) was in a bullish trend. The bulls were able to push the price from $6,500 to highs of $7,500. Moreover, Bitcoin price spiked above the $7,600 level but the bulls struggled to gain traction above the $7,689 resistance levels.
There were two attempts to break above the $7,700 resistance, but the bears succeeded in defending more upsides. As a result, there was a fresh decline below the $7,500 support and the $7,400 pivot.
The Bitcoin price is trading at $7,270 as at the time of writing. On the upside, if more buyers emerge, the crypto’s price will rise and retest the $7,500 level. A break above this level is required for a strong upward move towards the main $7,700 resistance level.
On the downside, a break below the $7,200 level could start a sharp decline towards $6,800 support level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
BTCUSD Price Short-Term Analysis
On the 1-hour chart, the BTCUSD price is range-bound at around $7,300. The pair has retreated from the recent high of $7,689 and is under selling pressure below $7,400.
Nevertheless, the bulls are likely to gain control as long as the price of BTCUSD is above $7,120. Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $7,500, $7,700, $8,000
- Support levels: $7,200, $7,000, $6,800
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.
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