The price temporarily found a bottom at $6,500-$6,800.
During the dropdown from $8,400 to $6,500 the price started to accelerate, which caused the volume to increase.
The moment the price is inside a range, volume usually decreases and goes away.
The price couldn't clear the $7,800 resistance, through which the price retraced towards the green area around $7,000 for a support test.
The same day the price retraced back towards the previous support area in which the green zone once again confirmed the support area.
If the price is once again rejected at that resistance area, it's likely that a retest of the purple area is needed.
If the price and total market capitalization can do that here, market performance in 2020 could be astounding.
Flipping towards a bigger horizon, the price needs to clear that $8,200 area to confirm a trend shift.
Why? Well, through that push, the price will be able to break the downtrend and start a potential upward trend.
The range is defined by the $6,800 to $8,000 area where Bitcoin price could be hover for a few weeks before it tests the downward trendline.
Bitcoin Price Must Now Break $8.2K to End 6-Month Losing Streak
gepubliceerd op Dec 7, 2019
by Cointele | gepubliceerd op Coinage
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