How will Bitcoin perform this week?

News / 22.12.2019

The performance of BTC/USD at the moment is within a positive zone over $7,000. The price of the pair has good support on dips as long as it does not close under $6,830.

In the previous week, BTC began strong recovery wave in the support zone between $6,400 and $6,500. A look at the 4-hour chart of BTC against the USD shows that the price of Bitcoin was able to break some resistances close to $7,000 level and the 100 SMA.

Further, there was a rallyrally over hurdles at $7,200 and $7,300. It eventually surged to near the hurdle at $7,500, thereby forming a fresh high in the week close to $7,486. Its direction turned to the downside and declined under $7,300 and the 100 SMA.

Right now, it is like the price of Bitcoin is within a range over the support at $7,000 and under the hurdle as $7,240. Besides, on the same chart, there is the likelihood of the formation of a bullish continuation pattern with hurdle close to $7,180.

Hence, the occurrence of an upsurge over the hurdles at $7,180 and $7,240 may lead the price to a new bullish wave. The next hurdle is close to $7,300, and a move over it may lead to $7,500 and $7,600.

On the other hand, a break could ensue on the downside underthe supports at $7,100 and $7,000. If the downside break happens, the price could visit the support zone at $6,960.

The key support is close to $6,830, under which the price may possibly return to the downside into a bearish area. The immediate key supports are close to $6,500 as well as $6,400.

Featured image courtesy of Shutterstock. Source: CryptoPress.

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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.