Analyzing BTC Performance to Predict Its Immediate Price

News / 22.12.2019

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.

Born in Bucharest, Marius is the founder of Crypto Adventure. Since his first contact with Bitcoin and cryptocurrencies, he never stopped believing that they are one of the most important innovations of our time, which will forever change the way business is done.