Dec 09, 2019 at 12:11 // News

Buyers are struggling so that Bitcoin remains above $7,000 price level

Bitcoin is three steps higher as the bears fail to breach the low at $6,800. Interestingly, the coin has temporary respite as the market maintains its upward move. Buyers are also struggling so that the coin remains above $7,000 price level. The price movement has been unstable. Bitcoin moves up after a pullback from its low of $7, 240, and commences consolidation above $7,500.

It is likely that Bitcoin will face resistance at $8,000. Nevertheless, Bitcoin is certain to be in an uptrend if the price rally above the downtrend line.

Bitcoin Indicator Reading 

From the inception of a downtrend, Bitcoin has been in the bearish trend zone. The price had been below the EMAs meaning that the price is falling. A break above the EMAs means that the coin is in an uptrend. The market has reached level 44 of the RSI which indicates that BTC is fluctuating.


Key Supply Zones: $10,000, $11,000, $12,000

Key Demand Zones: $7, 000, $6, 000, $5,000

What Is the Next Direction for BTC/USD?

Bitcoin is trading above $7,400 after a pullback from its downtrend. BTC is going to trade and consolidate above $7,400 for a few more days. Bitcoin is trading at $7,500 as at the time of writing. A breakout above $8,000 is a rally above $9,000. If the bullish momentum is sustained above $9,000, Bitcoin will resume its uptrend. Conversely, Bitcoin will remain in consolidation if the coin faces resistance at $8,000.

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.

American Crypto Association Exclusives!

Bookmark the site and sign up for relevant alerts, trading tips, masternode updates and important news hosted within our exclusive newsletter. Valued at $3,588, we are offering this service free for one year!

Get onboard now!

Exclusive Newsletter!

Sign up for exclusive trading tips, masternode updates and important news hosted within our newsletter!
Terms and Conditions checkbox is required.
Something went wrong. Please check your entries and try again.
Scroll to Top