Bitcoin Bears Rule as the Bulls Try to Keep It Afloat

News / 18.12.2019

The BTC / USD price is gradually approaching critical support. Bitcoin bears will need supplies once the price reaches the support zone around $ 6,200.

Prices closed at $ 7,000; they continued to decline. The price hit levels below the $ 6,800 support zone, well below the hourly 100 SMA. The decline continued to push the price towards the $ 6,600 support level near the $ 6,500 support zone and made new lows near $ 6,565 during the month.

Price Predictions

Currently, the price is in an upward correction and is above $ 6,600. However, resistance appears to be at $ 6,700. The hourly BTC versus US dollar chart display shows a new connecting line to the nearly $ 6,740 barrier.

Hence, the initial key resistance is approaching the two levels of $ 6,740 and $ 6,800. A break above $ 6,800 could lead to nearly $ 7,000 of resistance. The price must close above the $ 7,000 pivot level, and the 100 hour SMA should recover moderately and eventually move.

On the other hand, the price can maintain the downtrend below $ 6,600. Looking down reveals two notable supports at $ 6,500 and $ 6,200. Essential maintenance costs nearly $ 6,200 and is also a multi-month maintenance and obstacle zone.

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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.