Forex and Crypto News

BTC/USD crypto price analysis

15:48 23 December /2019

Bitcoin began the trading week with strong growth to the area of $7500, after it fell to the area of $6600 last week. To be precise, Bitcoin began to grow on Sunday and continued to grow on Monday.

At the time of publication, Bitcoin is trading at $7570. The main obstacle to further Bitcoin price growth is the resistance at $7800. If the bulls manage to overcome this level, the price will rush to the area of ​​$8600. In this case, the double bottom pattern is confirmed, which is formed on the daily chart.

btcusd-23-december.jpg

As shown in the daily chart, there is a bullish divergence that arose after the breakthrough of the 44-45 RSI level. The Relative Strength Index (RSI) is around 54 now. The last time the RSI was at such a high level when Bitcoin was trading at around $9000. Divergence may mean that momentum is gaining strength.

Bitcoin remains in a downtrend despite recovering to $7600. To change the trend, bulls need to push Bitcoin above 7950 - 8000 dollars. If BTC breaks the resistance level and reaches a level below $6000, then buyers will have an excellent prospect of purchases at $5300.

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