The price of Bitcoin is in the latest crypto news, currently being in the process of a strong reversal which has seen BTC quickly recover by 8% to trade slightly above $7,200. On December 17, we could see Bitcoin breaking below the $6,800 support level and even dropping more. However, today Bitcoin reverses and has just initiated a new run, going back to new levels.
As we can see right now, there may be a strong reversal now which has seen the digital asset breaking above $7,000 and bouncing off from the lower support of the long-term descending channel. Many analysts spoke about this and cautioned that if the bulls failed to buy into the dip, a price drop below $6,400 can increase the possibility of a revisit to $5,500 and $5,350 accordingly.
Fortunately for bulls, the price of BTC bounced off the critical trend line and the digital asset could now be on its way to flipping the $7,300 resistance back to support. As Bitcoin reverses, we can see many analysts commenting the situation. One of them was Peter Brandt, who tweeted a logarithmic chart of Bitcoin and its long-term price action and wrote:
“Bitcoin has apparently held at important support.”
Bitcoin $BTC has apparently held at important support pic.twitter.com/VqdX7B6Mmh
— Peter Brandt (@PeterLBrandt) December 18, 2019
A number of other traders talked about this too and pinpointed the importance of the Bitcoin price remaining above this support line. Today, the Bitcoin news which are positive also initiated altcoins to rise and correct compared to their levels from yesterday.
As Bitcoin reverses, the actual rebound was to a price of $7,235 which filled the CME gap from December 14 and 15 – a phenomenon that has become increasingly common for the BTC/USD pair this year.
Analytics from the shorter time frame show that the moving average convergence divergence (MACD) histogram has flipped to positive and producing a strong bull cross between the MACD and the signal line.
As suggested in the previous analysis that we posted, the relative strength index (RSI) bounced around 20 and extends into bullish territory above 61. The price also rose above the moving average of the Bollinger Bands and now the indicator suggests that the move could extend to $7,250 before becoming exhausted.
Bitcoin reverses to levels above $7,000 and for now, we can expect this run to continue.
DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com
Discussion about this post