Bitcoin [BTC] Price at Crossroads to $8000 and $7000 as Sentiments Fluctuate

Bitcoin
Image source: Shutterstock

Bitcoin [BTC] Price at Crossroads to $8000 and $7000 as Sentiments Fluctuate

Bitcoin [BTC] price seems to have found the mid-range for traders as bulls and bears play tug of war. BTC is currently ranging between $7700 and $7400. While $7500 forms a strong level of psychological support as well, the market set-up suggests volatility.

Bitcoin’s [BTC] price broke above another bullish set-up achieving 50% of the target. The upside to the bull flag is potentially above $8000. However, in the following hours, the short orders retested the neckline to the downside.

Moreover, the extension of the flag from the post is starting to invalidate the bullish scenario to a bearish descending flag with targets around $7150.  Nevertheless, the break above head and shoulders pattern is still intact with a target north of $8000.

btcusd
BTC/USD 1-hour Chart on Bitstamp (TradingView)

Furthermore, on the four-hour chart, the price is back to testing the flag formation. The resistance and support levels are at $7650 and $7450.

The price of Bitcoin [BTC] at 3: 45 hours UTC on 29th November 2019 is $7503.

btcusd four hour
BTC/USD 4-Hour Chart on Bitstamp (TradingView)

On longer timescales, the close of this week and month towards the weekend will be instrumental in establishing the trend for December. According to crypto chart analyst, Don Alt,

$BTC 4 weeks of selling followed by 1 week of bounce isn’t necessarily as bullish as the small timeframes make it out to be. For reference, this green candle “only” reclaimed 50% of the previous one. I
‘I personally not looking to rush into a long position just yet.
btcusd weekly
BTC/USD Weekly Chart Analysis (Source: Twitter)

Hence, analysts and traders seem skeptic about a bullish move ahead. Moreover, market sentiments usually shift drastically with Bitcoin due to its extreme volatility.

As mentioned earlier on CoinGape, leading crypto and financial analyst, Mati Greenspan, notes that the 53% pullback from $14,000 is quite consistent with the previous bull markets.

However, previous pullbacks in a bull market were primarily in the range between 40-50%. While 6,800 the low of this trend is likely to hold for bullish continuation, an invalidation could lead the markets into strong bearish territory.

Do you think the bulls are stronger than the bears at the moment? Please share your views with us.

Summary
Bitcoin [BTC] Price at Crossroads to $8000 and $7000 as Sentiments Fluctuate
Article Name
Bitcoin [BTC] Price at Crossroads to $8000 and $7000 as Sentiments Fluctuate
Description
Bitcoin [BTC] price seems to have found the mid-range for traders as bulls and bears play tug of war. BTC is currently ranging between $7700 and $7400. While $7500 forms a strong level of psychological support as well, the market set-up suggests volatility.  
Author
Publisher Name
CoinGape
Publisher Logo
Coingape is committed to following the highest standards of journalism, and therefore, it abides by a strict editorial policy. While CoinGape takes all the measures to ensure that the facts presented in its news articles are accurate.
Disclaimer The views, opinions, positions or strategies expressed by the authors and those providing comments are theirs alone, and do not necessarily reflect the views, opinions, positions or strategies of CoinGape. Do your market research before investing in cryptocurrencies. The author or publication does not hold any responsibility for your personal financial loss.
Author: Nivesh Rustgi

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

Post your comment...
Nivesh Rustgi 727 Articles

Nivesh from Engineering Background is a full-time Crypto Analyst at Coingape. He is an atheist who believes in love and cultural diversity. He believes that Cryptocurrency is a necessity to deter corruption. He holds small amounts of cryptocurrencies. Faith and fear are two sides of the same coin. Follow him on Twitter at @nivishoes or mail him at nivesh(at)coingape.com

Follow Nivesh @