Might Bitcoin Prices be Heading towards a Decrease?

News / 17.12.2019

Bitcoin price is predicting selling continuation under $ 6800. This mainstream cryptocurrency may be focusing on getting support at the value of $ 6500 or $ 6200.

When Bitcoin support was at $ 7000, the sellers gained some momentum. Therefore, the BTC price declined to below the support at $ 7000 and created a level under the 100 hourly SMA.

The price decreased by almost 4 % and was able to break the support zone at $ 6880. Hence, the formation of a new low in the month close to $ 6800, and the price is now into consideration of its losses.

Analyzing the Hourly Chart of Bitcoin Against USD

A look at Bitcoin’s hourly chart against the USD shows that the first hurdle is close to $ 6880. A crucial observation is the formation of a short term contracting triangle with a limitation close to $ 6880 0n the same chart.

In this case, a surge of over $ 6880 may begin a short term upside retracement. The immediate hurdle is close to $ 6980. However, a key hurdle got observed close to $ 7000 and $ 7015, which is currently the breakdown zone. The price needs a daily close of over $ 7015 to start a recovery soon.

Nonetheless, there is a likelihood of the price falling below $ 6840 and $ 6820. The crypto’s ability to break the $ 6800 low could strengthen the bears to target levels close to $ 6600 and $ 6500. More declines could take the price towards the significant support zone at $ 6200, where there is a likelihood of the buyers taking over.

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.