BTC Price Faces the Risk of Declining As the New Year Begins
At the beginning of the year 2020, the BTC/USD is trying to maintain major supports. However, the price is still at risk of a further downward move to $7000 and $6880, before a modest upward move. Bitcoin’s price has been dropping steadily under the support at $7320 within the previous few weeks. Eventually, it settled under $7320 and the 100 hourly SMA.
The decline in recent times brought the price levels under the support at $ 7200 and $ 7150. The price formed a fresh low in the week, close to $7109. Momentarily, the price is into correction to the upside over $7150.
What Does the BTC/USD Hourly Chart Show?
The BTC/USD hourly chart shows a surge over a key selling trend line with a hurdle close to $7185. Additionally, it’s like a short form ascending channel is forming, with a limitation close to $7250. The initial major hurdle is close to the $7275 level, and the 100 hourly SMA and the immediate key hurdle is close to $7320.
If the price closes over the hurdle at $7320, it could position it for a decisive upward move. In return, the price could keep rising towards the hurdles at $7400 and $7500. On the contrary, the price could fail to keep up the move over $7275 and $7320. If it returns to the downside, it could fall under $ 7150. The next support is close to $7100, and a move under the level may bring about a significant decline to under $7100.