Bitcoin Bulls Struggle while Bears are Still in Control

News / 18.12.2019

The price of BTC/USD is gradually moving close to critical supports. Bitcoin bears must take care after the price attains the support zone around $6,200.

The price established a close under the support at $7k and continued to the downside. It was such that the price reached a level under the support zone at $6,800, thereby settling well under the 100 hourly SMA.

The bears continued to drive the price to under the support at $6,600, close to the support zone at $6,500, thereby forming a fresh low in the month close to $6,565.

At the moment, the price is into correction to the upside and is over $6,600. Nevertheless, it seems that resistance exists at $6,700. A look at the hourly chart of BTC against the USD shows the formation of a fresh connecting selling trend line with hurdle close to $6,740.

Hence, the initial key resistance is close to two levels at $6,740 and $6,800. The occurrence of an upside break over the hurdle at $6,800 could bring a resistance close to $7,000. There is a need for the price to close over the $7,000 pivot level and the 100 hourly SMA to have a moderate recovery and possibly bring about a change.

On the other hand, the price may keep the downtrend under $6,600. A look at the downside reveals two critical supports at $6,500 and $6,200. The major support is close to $6,200 and is likewise multi-month support as well as hurdle zone.

 

Featured image courtesy of Shutterstock. Source: CryptoPress.

avatar
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.