- BTC trades at $7,289, below the major supports, i.e., $7,350 and $7,500
- Bitcoin records a 7-day high around $7,830 and there happens to be an S/R flip; $7,350 and $7,500 prices are acting as major resistances
- The downfall below $7,500 has been quite rapid in a 24-hour time frame
Bitcoin trades under selling pressure with no support from the short-term moving averages. BTC price seems to have taken a reverse turn towards the bearish side. The coin was trading firmly above $7,500 to a major extent in the previous week. The last trading month of 2019 has started with a fall and sluggish trends.
On top of the current trading scenario, the inactive supports are adding to the ongoing bearishness and selling pressure.
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Based on Bitcoin price expectations, a persistent trade above $7,350 and $7,500 will technically push the coin to remain above $7,000 by the end of the last trading month.
Bitcoin has soared as high as $13,000 in the year 2019; however, currently, it is trading halfway when compared to the same. Trading below $7,000 is going to be no shock for BTC investors and loyalists but, it will not close the year on a good note, though. The technical indicators confirm the inherent bearishness and volatility that the coin holds.
Technical Indicators:
The MACD of Bitcoin is running below zero, wherein both the lines, i.e. signal line and MACD line, move together.
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While the RSI of the BTC coin is at 47.28 and has risen from the solid oversold region.
