Bitcoin May Attain Larger Rally over $7,500

News / 19.12.2019

The price of BTC/USD is on the upside by over 10 percent and is signaling a powerful reversal. Nevertheless, Bitcoin needs to keep the uptrend over $7500 for the beginning of a bigger rally.

The price moved under the support at $6,600 and $6,500. Nevertheless, the decline under $6,500 was not huge. There was the formation of a fresh low in the month close to $6,435 prior to a powerful reversal. A sharp rally occurred, and the price moved over several hurdles close to $6,800 and $7,000.

Further, a look at the hourly chart of BTC against the USD revealed a break of the major selling trend line with hurdle close to $6,700. The price was able to settle over $7,000 and the 100 hourly SMA.

The price eventually surged over the hurdles at $7,200 and $7,300. It moved close to the $7,500, and there was the formation of a fresh intraday high close to $7,487. Currently, the price is into the correction of gains under $7,300.

A look at the downside shows several supports close to $7,150, $7,100, and $7,000. The major support is close to $6,950 and the 100 hourly SMA.

Hence, there remains good support for the dips on the downside close to $7,000 and $6,950. A look at the upside shows major resistances close to $7,400 and $7,500. The ability of the price to attain a daily close over $7,500 would establish a huge rally towards $8,000 and $8,200.

 

Featured image courtesy of Shuterstock. Source: CryptoPress.

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A creative writer in the field of content writing for the past 7 years. Iulian is passionate about his work and his interest in areas such as technology, travel, sports, literature and gastronomy have aided him to the research quality in articles that reflect these themes. Recently, he discovered the Bitcoin and the blockchain technology and he’s a big fan now.