Will Bitcoin Have an Upsurge To Over $ 7500?

News / 19.12.2019

On the 12th of December 2019, Bitcoin’s price rose to over 10%. However, it is signaling a powerful reversal, but BTC needs to keep surging to over $ 7500 for the beginning of a giant rally.

Bitcoin price moved from $ 6600 to $ 6500 and recorded a decline of $ 100. There was the formation of a fresh low in the month close to $ 6435, prior to a powerful reversal. The BTC price eventually moved close to $ 6800 and to $ 7000.

What the BTCUSD Chart Revealed

Examining BTC’s hourly chart against USD showed a break of the significant selling trend line with a hurdle close to $ 6700. Eventually, the price settled to over $ 7000 and the 100 hourly SMA.

According to the chart, the BTC price eventually upsurged to $ 7200 and $ 7300. It moved close to the $ 7500, and there was the formation of a fresh intraday high close to $ 7487. At the moment, the price is into the correction of gains under $ 7300.

Analyzing the downside indicates several supports close to $7150, $ 7100, and $ 7000. The major support is close to $ 6950 and the 100 hourly SMA. Therefore, good support remains for the dips on the downside close to $ 7000 and $ 6950.

A close study on the upside shows major resistances close to $ 7400 and $ 7500. Therefore, the price’s ability to attain a daily close over $ 7500 would establish a massive upsurge towards $ 8000 and $ 8200.

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.