Bitcoin Price Analysis: BTC Rebounds, Targets Key Resistance at $8000

Key Highlights

• Bitcoin rebounds and reaches the $7,600 price level
• The coin is likely to rally above the $8,000 price level

Bitcoin (BTC) Current Statistics

• The current price: $7,605
• Market Capitalization:$137,790,244,266
• Trading Volume: $28,224,754,743
• Major supply zones: $13,000, $14,000, $15,000
• Major demand zones: $9,000, $8,000, $7,000

Bitcoin (BTC) Price Analysis December 23, 2019

Bitcoin is trading in a fallen wedge pattern. In a fallen wedge pattern, the prices open wide at the top and contracts as the price moves to the lower price level. A fallen wedge is a bullish pattern. In other words, as Bitcoin makes a series of lower lows and lower highs, a bullish breakout is expected. On December 18, Bitcoin fell to the $6,500 and rebounded. For the past five days, the coin has consistently moved upward.

Conversely, if the bears have succeeded in breaking below the $6,500 low, it would have been a disastrous fall to either $6,000 or $5,500 support. Meanwhile, Bitcoin has two more hurdles to jump over namely the $7,600 and $7,800 resistance levels. A break above these resistance levels will propel BTC to rally above the $8,000 supply zone.

Bitcoin Technical Indicators Reading

Bitcoin is trading above 50% range of the daily stochastic. This implies that the coin is in a bullish momentum. The bulls have broken above the 12-day EMA and 26-day EMA. This implies that the coin is in the bullish trend zone. There is a likelihood of the coin continuous rise while in the bullish trend zone. Bitcoin will resume its uptrend move if the bulls break the downtrend line and the price closed above it.

Conclusion

Bitcoin in a bullish trend as the coin trades above the $7,000 price level. Bitcoin will remain bullish if the price is sustained above the EMAs. More buyers should be introduced to push Bitcoin to higher price levels.