Experts and analysts are saying that it’s just a matter of time before Bitcoin breaks through support or resistance to spark the next trend in the Bitcoin price. Let’s take a look at the outlook for BTC going forward…
At the time of writing, BTC is trading at $7,542. This week saw the Bitcoin price shoot up from $7,200 to $7,800 only to drop to $7,200 again in a matter of hours. A tight trading range has since been established in the last few days, with support at $7,200 and resistance at $7,500.
Analyst Scott Melker says that “something has to give soon on one side or the other”, claiming Bitcoin wouldn’t keep consolidating for long and might break downwards or upwards soon. It did break through resistance today, but here’s what Scott had to say:
$BTC 4 Hour
Good news: price has technically broken both descending resistance lines on the 4 hour chart.
Bad news: Another hideous wick that looks an awful lot like a liquidity grab for shorters.
I am still in, but moving up my stops into profit. pic.twitter.com/lbF7wT2L8D
— The Wolf Of All Streets (@scottmelker) December 6, 2019
Another analyst called “The Cryptomist” on twitter has been exploring BTC possibly dropping to support at $6,900 before bulls take over for good.
6hr falling wedge
Suspecting/ hoping for one more touch to support which I can long
Breakout would lead to the 3day falling wedge resistance
— The Cryptomist (@TheCryptomist) December 6, 2019
Bitcoin possibly dropping to $6,900 seems to be an opinion shared by the #1 Ranked Bitcoin Analyst on Trading View, Jacob Canfield, as well. He cites the lack of liquidity in the current trading range to be a factor and the price may stay in this range until it breaks to $6,900 or $7,900 where the presence of more liquidity could trigger the next major move.
There is almost no liquidity near the price right now.
It is at $6900 and $7900.
Other than that, it's thin air.
This is why the stop hunts are so bad. pic.twitter.com/iWvtslp7tP
— Jacob Canfield (@JacobCanfield) December 6, 2019
BTC has broken through resistance finally, and could well be on its way to $7,900 and beyond. The coming week could be crucial for analysts and traders to determine where Bitcoin will end up as 2020 looms closer. Watch this space to stay updated on the latest trends in the Bitcoin price.