Bitcoin Says Goodbye To $7K: Those Are The Next Possible Targets – BTC Price Analysis

After two weeks of consolidation steadily above the $7000, Bitcoin broke under. If you have been following the latest value evaluation posts right here, you wouldn’t be shocked.

Bitcoin was displaying weak spot, not with the ability to overcome the mid-term descending trend-line (proven each on the next 4-hour and 1-day charts).

Aside from this, the lengthy positions are mysteriously growing to their all-time excessive. This is certainly not a very good signal for the bulls, as they’re already smelling the lengthy squeeze.

The unusual factor is that it hadn’t began but – the longs are literally growing much more, as Bitcoin heading in direction of $6800.

Another factor to notice is the decreases of the altcoins of their Bitcoin’s worth. As may be seen, by the Bitcoin dominance, which is rising, funds are popping out of the crypto markets (altcoins are bought to Bitcoin, and the final declines following the sell-off).

Total Market Cap: $187 billion

Bitcoin Market Cap: $125 billion

BTC Dominance Index: 66.9%

*Data by CoinGecko

Key Levels to Watch

– Support/Resistance: On the latest value evaluation, we had acknowledged that in case Bitcoin would lose the $7000 – $7100 assist, it should probably go rapidly to the following stage at $6800. This is strictly what we see now.

$6800 is now the present every day low. Further down lies the $6500 – $6600 are, which is the low from November (and the bottom value of Bitcoin since May 2019). Below lies $6300 and $6000.

In case Bitcoin wish to retest prior resistance, then the primary stage of resistance is $6900 – $7000, together with the mid-term descending trend-line (the orange line from the every day chart).

Besides, as may be seen on the every day chart, Bitcoin is about to lose a long-term ascending trend-line, began forming throughout April 2019, except an sudden every day shut above $6980 will happen. On November 25, Bitcoin depraved right down to $6500 however closed the day above the essential trend-line.

The subsequent assist turned resistance stage is the $7300 – $7400 value space.

– The RSI Indicator: There isn’t any change from our earlier evaluation. The momentum indicator factors down and appears very bearish. There continues to be extra room to go down by wanting on the RSI.

– Trading quantity: Finally, some quantity. This could possibly be the very best quantity day of the previous ten days. There are nonetheless few hours till the every day quantity candle closes.

BTC/USD BitStamp 4-Hour Chart

BTC/USD BitStamp 1-Day Chart

btc_dec16_d-min

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Cryptocurrency charts by TradingView.
Technical evaluation instruments by Coinigy.

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