- Bitcoin bulls lose interest pre-Christmas, leaving just enough power to defend $7,000 support.
- The upside is laced with one hurdle after the other, pushing $8,000 into the distance.
Bitcoin drab action pre-holiday suggests that little to no action should be expected before December 31. Bulls are taking the back stage or hanging somewhere in the sidelines, choosing to watch the action. The bullish energy left is just strong enough to sustain the price above $7,000. In retrospect, the danger and risk of retesting $6,500 or $6,000 still hovers unbothered by the investors’ expectations.
The confluence detector tool shows that the light at the end of tunnel, making $8,000 achievable before the end of the years is fading. The hope of seeing Bitcoin above $8,000 is now a pipe dream. However, if the bulls can manage to clear the initial resistance at $7,097 highlighted by SMA 5 4-hour, SMA 200 15-minutes, previous high 4-hour and the 38.2% Fibo.
Further up, more resistance will be encountered at $7,717 where the Bollinger Band 1-hour upper, BB 4-hour middle and SMA 100 1-hour converge. Other key zones pressing down on Bitcoin include $7,244, $7,3218, $7,758 and $7,905.
Glancing lower, Bitcoin is as safe as the bulls can defend $7,024 support. Calling this region home is the BB 1-day lower, pivot point one week support one, previous low one-day and pivot point one-day support one. There is exists other weak support areas at $6,951, $6,804 and $6,583.
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