Will Bitcoin Have an Upsurge To Over $ 7500?
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.
by Olowoporoku Adeniyi
by Olowoporoku Adeniyi
by Mandy Williams