Bitcoin [BTC] Price at $7500 Psychological Support with 50% Target of Bullish Pattern Undone

bitcoin 7500 support
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Bitcoin [BTC] Price at $7500 Psychological Support with 50% Target of Bullish Pattern Undone

Bitcoin [BTC] rose by another $250 during the final trading hours yesterday. BTC price recorded a gain of 10% from its low near $6860.

After the final break above the neckline from the bullish inverse head and shoulders pattern at $7300 soon rose to a high of $7676. Hence, achieving nearly 50% of the target from the bullish break.

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

The price of Bitcoin at 4: 30 Hours UTC on 28th November 2019 is $7505.

Uniquely Volatile Asset

Yesterday, the bearish news from the Upbit hack soon flipped positive as the crypto exchanges took note of the situation. This points to the considerable volatility in the market. Only last month, Xi Xinping’s announcement on blockchain caused a 40% surge in price. These shock events question the strength of the market and the gullibility of the traders.

Nevertheless, Mati Greenspan, a leading crypto analyst, believes that Bitcoin is in a bull market is still intact. The recent pullback could necessarily mark the low of the corrections consistent with Bitcoin’s previous movements. He tweeted,

From peak to trough #bitcoin fell 53% since the highs of June until the lows of November. This movement is consistent with the sort of mid-bull-cycle pullbacks we’re used to seeing from this uniquely volatile asset.

bitcoin price
Bitcoin Price Daily Chart over the last year 

As the month is coming to a close, Bitcoin is currently on its way to record four consecutive months of bearish pressures. On-Chain Crypto analyst, Willy Woo, noted that a break above $8300 previous month opening is critical for the bulls.

On the other hand, billionaire investor, Michael Novogratz suggests that $7500 will be the key for the monthly close.

The halving in May is likely to establish a bullish trend. However, the selling pressure from miners before the halving seems to be hurting the price. As the rewards to miners will reduce, the selling volume will decrease as well.

Nevertheless, the market accounts for future valuations and effects. However, the current set-up of the market is unique compared to previous halvings. The maturity and the requirement for returns of investment for miners project slower growth in price than the previous times.

Do you think a bullish break will ensue in December, or the bears will continue to rule? Please share your views with us. 

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Bitcoin [BTC] Price at $7500 Psychological Support with 50% Target of Bullish Pattern Undone
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Bitcoin [BTC] Price at $7500 Psychological Support with 50% Target of Bullish Pattern Undone
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Bitcoin [BTC] rose by another $250 dollar during the final trading hours yesterday. BTC price recorded a gain of 10% from its low near $6860. 
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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

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Nivesh Rustgi 723 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

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