The Bitcoin price is attempting to get a new start in the month of Christmas. The BTC is slightly bullish on Monday and the Bitcoin price is more than 61% Fibo of the previous wave high at $7870 to a low of $6522.
The weekend was usually darkened with bears driving toward $7,000. A bear market is just an ending-pitch in time in which crypto market prices are decreasing. Bitcoin held the base at $7,200 supported by the 48% Fibo and the increasing course. According to coinmarketcap, the the current Bitcoin Price is at $7311.92.
Bitcoin Price Crash?
The RSI is passing above the average after a regular but constant improvement. However, the double-cross of the 50 SMA below the 100 SMA recommends that sellers are bouncing back into the game.
In the weekly Bitcoin Price chart, the price with the last candle could hold above the all-important level between 6887 USD – 7231 USD. Amazing thing is the accuracy with which market participants trade this level.
As we can see, a sharp split above the $7,400 resistance is required for well sustainable development. Moreover, the following important resistance is around the $7,500 level and the 100 hourly single moving average.
Attention: Possible Support & Resistance Level Bitcoin Price
From this consideration, price levels in the chart are of great relevance.
Possible strong supports
- 61.8 retracement at 7235 USD
- 65 retracement at 6891 USD
- The last low at 6526 USD
Possible strong resistance
- Horizontal resistance at 7819 USD
- Horizontal resistance at 7921 USD
- 38 retracement at $ 8059
The Bitcoin price is now below the $7,400 and the 100 hourly SMA. The next support is around the $7,200 level. Right now, it appears like bitcoin is concerning to trade beneath the 61.8% Fib retracement level but only time will tell its significance.
