- Bitcoin stuck in a narrow range between $7,000 and $7,200.
- The overwhelming resistance dwarfs the weak support Bitcoin has towards $6,000.
Bitcoin seems to be marinating the next move targeting $8,000 before 2020. However, the sellers are leaving nothing to chance, in fact, they see Bitcoin losing the year close to $6,000. On the other hand, Bitcoin has proved that it has the ability to recover from extreme losses. Therefore, further losses ahead of the May 2020 halving is not causing too much panic across the landscape.
At the time of writing, Bitcoin is trying to stay afloat above $7,100. Yesterday’s correction from $7,500 high found support above $7,000. Unfortunately, recovery is hampered under $7,200.
According to the confluence tool, the immediate upside is facing resistance at $7,143. The zone is host to a cluster of resistance zones including the previous high 15-minutes, SMA five 1-hour, Bollinger Band 15-mins middle curve and the 23.6% Fibo one-day among others.
If the bulls increase the entries or gains above $7,200, they must prepare to face more hurdles at $7,217, $7,291, $7,587 and $7,735. One more prominent resistance is $7,956 before Bitcoin emerges above $8,000.
A not so good picture displayed by the tools regards support for Bitcoin. Apart from the key support at $7,069, the rest are minor zones that could easily give in culminating in sharp losses towards $6,000. For now, the best and safest move is to keep Bitcoin above $7,200 and force a correction past $7,200.
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