Bitcoin price has retreated from the recent high amid low trading activity. A break above $7,600 is needed for Bitcoin bulls to shift focus to $8,000.
Bitcoin Price Medium-Term Analysis
Last week, the price of Bitcoin (BTC) was in a range-bound move between $7,608 and $7,390 level. After an initial recovery attempt on December 5-6, the bulls have failed to break above $7,600 level, which is needed for Bitcoin price to rally towards $8,000 resistance level.
Moreover, at the time of writing, Bitcoin price is changing hands at $7,522 level
On the upside, if the bulls intensify their effort, the coin will rise and retest the $7,600 price level. Above this level, the bulls are likely to target a test of the $7,900 and $8,000 resistance in the days ahead.
On the downside, if the bulls fail to break the said resistance level, the crypto’ price will continue its range-bound move between the levels of $7,608 and $7,390. Meanwhile, the Moving Average Convergence Divergence (MACD) line and the signal line are below the zero line which indicates a sell signal.
BTCUSD Price Short-term Analysis
On the 1-hour chart, XRPUSD price is in a sideways trend above the $7,400 and $7,440 support levels. On the upside, there are a few important resistances near $7,580 and $7,600.
A successful break above $7,600 and a follow-through above $7,700 is likely to start a strong rally towards the $8,000 resistance zone.
Meanwhile, the MACD line and the signal line are below the zero line which indicates a sell signal.
- Resistance Levels: $7,600 , $7,900, $ $8,000
- Support Levels: $7,500, $7,300, $7,000
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.