BTC Price Faces the Risk of Declining As the New Year Begins

News / 01.01.2020

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.

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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.