Bitcoin Pushes to $7,087 Low but Fails to Secure a Sharp Bounce
Bitcoin dropped to the $7,000 low and moved up to retest $7,200 resistance. A possible rebound is expected as the coin finds support at $7,000 or $6,800
Bitcoin Price Long-Term Prediction: Bearish
Expectantly, Bitcoin is making a gradual fall to a low of the $6,800 or $7,000 support level. On December 14, the coin dropped to the low of $7,087 and moved up to retest the $7,200 resistance. BTC is pointing downward to the low of $7,087 to retest it. Our main focus is whether BTC will revisit the previous low of $6,800.
When this low is broken, it will be possible to determine whether the coin will nosedive to the lows of $5,500 or $6,000. In contrast, Bitcoin is expected to rebound at a low of $7,000 or $6,800. A bounce should be strong enough to push Bitcoin above $8,000. A shallow bounce will only result in a range-bound move above the current price level.
Bitcoin Indicator Reading
Surprisingly, the coin has dropped to the oversold region of the daily stochastic. It is a confirmation that the downward move is possible as the coin is in a strong bearish momentum. The blue and red lines of EMAs are sloping southward but acted as a resistance to the coin.
What Is the Next Direction for BTC/USD?
Bitcoin has already fallen to a low of $7,000 but the market moved up to retest the $7,200 resistance. The coin is falling after a retest; a break below $7,087 will result in a low of $6,800. Traders should lookout for buy setups as the coin is likely to rebound at the previous low.
Key Supply Zones: $10,000, $11,000, $12,000
Key Demand Zones: $7, 000, $6, 000, $5,000
Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.
Published at Mon, 16 Dec 2019 19:55:20 +0000
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