Bitcoin Begins New Year with Bearish Bias

News / 01.01.2020

The price of BTC/USD is trying to maintain major supports. The price is still at risk of additional moves to the downside towards $7,000 and $6,880, prior to a modest upward move.

The price of BTC has been declining steadily under the support at $7320 within the previous few sessions. Further, it was able to settle under $7,320 and the 100 hourly SMA.

The fall in recent times led to price levels under the supports at $7,200 and $7,150. The price was able to form a fresh low in the week, close to $7,109. Currently, the price is into correction to the upside over $7,150.

Further, a look at the hourly chart of BTC against the USD reveals a surge over a key selling trend line with hurdle close to $7,185.

On the same chart, it is like a short term ascending channel is being formed with hurdle close to $7,250. The initial major hurdle is close to $7,275 level and the 100 hourly SMA. The immediate key hurdle is close to $7,320.

If the price closes over the hurdle at $7,320, it could position it for a powerful upward move. If such happens, the price could keep rising towards the hurdles at $7,400 and $7,500.

Contrariwise, the price could fail to keep up the move over $7,275 and $7,320. If it returns to the downside, it could fall further under $7,150. The next support is close to $7,100, and a move under the level may bring about a breakdown under $7,000.

 

Featured image courtesy of Shutterstock. Source: Cryptopress.

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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.