Analyzing BTC Performance to Predict Its Immediate Price
The performance of BTC/USD currently is within a positive zone of over $7000. The pair’s price has good support on dips as long as it does not close under $6830. In the third week of December 2019, Bitcoin began a strong recovery wave in the support zone between $6400 and $6500. A look at the 4-hour chart of Bitcoin against the USD reveals that Bitcoin’s price broke some resistances close to the $ 7000 level and 100 SMA.
Additionally, there was a rally over hurdles at $7200 and $7300. The hurdles eventually rose close to $7500, forming a fresh high in the week close to $7486. However, its direction turned to the downside and declined under $7300 and the 100 SMA.
Will BTC Price Surge or Drop this Week?
The BTC price is currently within a range over the support at $7000 and under $7240. Besides, on the same chart, there is a likelihood of forming a bullish continuation pattern with a hurdle close to $7130. Therefore, the occurrence of an upsurge over the hurdles at $7180 and $7240 may lead the price to a new bullish wave.
The next hurdle is close to $7300, and a move over it may lead to $7500 and $7600. On the other hand, a break could ensue on the downside under the support, at $7100 and $7000. If the downside break happens, the price could visit the support zone at $6960. The key support is close to $6830, under which the price may return to the downside into a bearish area. The immediate key supports are close to $6500 and $6400.
by Wayne Jones
by Wayne Jones
by Wayne Jones