Bitcoin is Close to Make-or-Break Levels

Data & Research / 24.12.2019

The price of the BTC/USD pair has returned to the major support zone at $7,200. The price is currently encountering several resistances close to $7,400 and $7,500.

On the previous day, the price rose strongly over the hurdle at $7,500. Further, the price surged over $7,600 and the 100 hourly SMA.

Notwithstanding, the buyers tried to obtain traction over $7,680 and $7,700. They attempted to break through the hurdle at $7,700, but the sellers could defend additional upsides.

Hence, the price declined under the support of $7,500 and the $7,400 pivot. It continued to the downside under a contracting triangle with support close to $7,500.

A view of BTC’s hourly chart against the USD shows that the price was on the downside by over $400 and continued under the support at $7,320. It moved near the support at $7,260, thereby forming a low close to $7,267.

The price surged past several major resistances close to $7,300 and $7,400 to begin a powerful move to the upside. The support at the $7,200 zone seems crucial, as well as the 100 hourly SMA.

A look at the upside shows that the first hurdle is close to $7,360. Nevertheless, the initial key hurdle is close to $7,480 and $7,500.

Hence, Bitcoin needs to move over the hurdles at $7,400 and $7,500 to retest the key $7,700 hurdle zone. The major levels on the downside include $7,260 and $7,200. The immediate key support is close to $7,120, and the ability of the price to move below it may lead to a sharp loss.

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.