Bitcoin Price Seems to Ready for A Breakdown

News / 17.12.2019

The price of BTC/USD is signaling selling continuation under $6,800. It is like the world’s renowned cryptocurrency is focusing on visiting the support at $6,500 or $6,200.

There was a consolidation over the support at $7,000, and the sellers gained some momentum. Hence, the price of Bitcoin declined to under the support at $7,000 and established a level under the 100 hourly SMA.

The price has declined by almost 4 percent and was able to break the support zone at $6,880. It was such that there was the formation of a new low in the month close to $6,800, and the price is now into the consolidation of its losses.

A look at the hourly chart of Bitcoin against the USD shows that the first hurdle is close to $6,880. A crucial observation is the formation of a short term contracting triangle with hurdle close to $6,880 on the same chart.

Hence, a surge of over $6,880 could begin a short term upside retracement. The immediate hurdle is close to $6,980.

Nevertheless, a key hurdle was observed close to $7,000 and $7,015, which is the breakdown zone recently. The price needs a daily close over $7,015 to begin a remarkable recovery soon.

On the other hand, there is a likelihood of the price accelerating lower under $6,840 and $6,820. The ability of the crypto to break the $6,800 low could strengthen the bears to target levels close to $6,600 or $6,500.

Any additional declines could take the price towards the major support zone at $6,200, where there is a likelihood of the buyers taking over.

Featured image courtesy of Shutterstock. 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.