Bitcoin Holds above $7,000 Creates Buying Opportunity at High Levels

It is no longer surprising as Bitcoin continues to stumble each time it reaches the $7,600 supply zone. The coin broke the recent low at $6,800 and sank to $6,500 before it recovered and rebounded. Yesterday, in a renewed fall at $7,600, BTC went down to $7,300. It becomes imperative to quickly arrest the recent fall before the bears push the coin to $7,000.

Undoubtedly, there is a possibility of breaking the $7,000 support which will throw the coin to $6,400. For the benefit of the doubt, the bulls have stopped the falling Bitcoin and push upward. The coin’s target remains the same, as the breaking of the $7,800 will move Bitcoin to the $9,200 price level. Meanwhile, until Bitcoin reaches its initial target the fluctuation will continue to linger on.

Bitcoin Indicator Reading 

The price bars are neither below nor above the EMAs as the market continues its fluctuation within the price range. The blue and red bands of the daily stochastic seem to fluctuate above the 60% range. That means the bullish momentum is unsteady. For Bitcoin to move up the bullish move must be sustained.

Key Supply Zones: $10,000, $11,000, $12,000

Key Demand Zones: $7, 000, $6, 000, $5,000

What Is the Next Direction for BTC/USD?

Since November 25, the range-bound move by the coin between $6,500 and $7,800 has become unending. The bears have taken the price tussle to $6,500 low twice. This was an attempt to sink Bitcoin to the lows of either $6,000 or $5,500. Expectantly, the bulls have little advantage has it ensures that the coin is trading above $7,000 price level.

Disclaimer. This analysis and forecast are the personal opinions of the author are not a recommendation to buy or sell cryptocurrency and should not be viewed as an endorsement by CoinIdol. Readers should do their own research before investing funds.