Bitcoin faces another price rejection in the New Year. Undoubtedly, the $7,600 has become a strong resistance which has been the biggest hurdle to jump over. Two days ago the coin suffered another fall, as the market continues to depreciate. In the previous fall, BTC was sent to a low of $7,000 on January 2. Regrettably, Bitcoin would have been in danger, if the $7,000 support also cracks.
A surprise drop to the $6,400 should have been in the making. Nonetheless, the bulls overcome the bears’ threat and push the price to $7,600. Now it becomes imperative that with the same level of bullish momentum buyers are capable of pushing the price above $7,800 resistance. Interestingly, a close above $7,800 will compel Bitcoin to reach a high of $9,200. Subsequently, BTC can move to the $10,300 supply zone.
The pair is fluctuating between 20% and 60% of the daily stochastic. The coin’s bullish momentum has been unsteady. The EMAs are horizontally flat indicating that the price is ranging. It is expected that Bitcoin will rise once the price bars are above EMAs.
It is a fact that the current fluctuation will continue as long as the $7,600 resistance remains intact. The moment the bulls are repelled, the price will find support either at $7,100, $7,000 or $6,400. This has been the market situation since November 25. At the moment, the price is retracing and has found support at the 26-day EMA. If the current support holds, Bitcoin will resume another bullish move.
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.