Bitcoin (BTC) Is Still Descending, May Bounce at the Support of $6,800

Since November 29, the bears are in control of price as the selling pressure persists. The price movement has been insignificant as the coin gradually depreciates daily. On December 2, Bitcoin dropped to a low of $7,302, while today the market is approaching the low of $7,100 as at the time of writing.

The sellers will like to sink price to the low of $6,810 as the market continues its downward move. The selling pressure can only be interrupted if the bears fail to break its previous low of $6,800. Nevertheless, if the previous low is successfully broken Bitcoin will drop again to the support of $6,500. Meanwhile, the downtrend can also be interrupted if the price bounces at the price of $6,800. Then we expect the bulls to take control of the price.  

Bitcoin Indicator Reading 

BTC is trading below the zero lines of MACD line and the signal line. This signifies that Bitcoin is in a downtrend. The EMAs are sloping southward indicating that the BTC is in a downtrend.

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?

Bitcoin is in a downward move but the price movement has been rather gradual. The bears are still in control of the market as the bulls are yet to put forth a challenge. The bulls may have a challenge if the market reaches a low of $ 6,800. The buyers will take control of the market if it bounces at the support. The reverse will be the case if the price fails to bounce.

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.