Bitcoin price slipped as the price drops below $7,500. In the coming days, the flagship cryptocurrency may likely create a new low or recover from slippery.
Bitcoin Price Medium-term Analysis
Last week, the price of Bitcoin (BTC) was trading in a bearish trend. On November 28, BTC bulls attempted recovery above the $7,500 level, but it failed to continue higher.
Nevertheless, a high was formed near $7,531 before Bitcoin price declined heavily. Bitcoin trimmed most gains and declined below the $7,400 level. Moreover, the price traded towards the $7,300 level and a low is formed near $7,305.
At the time of writing, Bitcoin price is consolidating losses above $7,300. On the upside, if more buyers emerge, the crypto’s price will rise and retest the $7,500 level. The market needs to climb above the $7,500 resistance level to start a decent recovery towards the $8,000 level. On the downside, if the bearish pressure persists, the price may perhaps decline towards $7,200 or $7000 support level.
Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are above the zero line which indicates a buy signal.
BTCUSD Price Short-term Analysis
On the 1-hour chart, the price of BTCUSD is trading in a tight range on Monday. Nevertheless, the pair is struggling to correct above $7,300 level. Thus, the price is likely to continue higher towards $7,500 and $7,700 unless the bears are able to push the price below the $7,200 support.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $7,500, $7,700, $8,000
- Support levels: $7,200, $7,000, $6,800
Arathur Stephen is not registered as an investment adviser with any federal or state regulatory agency. The information above should not be construed as investment or trading advice and is not meant to be a solicitation or recommendation to buy, sell, or hold any cryptocurrencies. The information is solely provided for informational and educational purposes. Always seek the advice of a duly licensed professional before you make any investment.