RATE Group | Bitcoin (BTC) Trading Near Make-or-Break Levels
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Bitcoin (BTC) Trading Near Make-or-Break Levels

06 Dec Bitcoin (BTC) Trading Near Make-or-Break Levels

Posted at 07:43h in Bitcoin News by

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  • Bitcoin price is still trading above the $7,200 and $7,240 support levels against the US Dollar.
  • The price is struggling to climb above the $7,440 and $7,500 resistance levels.
  • There is a major breakout pattern forming with resistance near $7,440 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either rally above the $7,500 resistance or it might dive back towards $7,000.

Bitcoin price is likely setting up for the next key break against the US Dollar. BTC must stay above $7,240 to start a strong upward move in the near term.

Bitcoin Price Analysis

Yesterday, bitcoin trimmed gains from well above $7,500 and declined below $7,300 against the US Dollar. Moreover, BTC price broke the $7,200 support area and the 100 hourly simple moving average.

However, the price remained stable above the $7,000 support area. A low was formed near $7,068 and the price started a decent upward move. It broke a couple of important resistances near $7,200 and $7,240.

Besides, the…

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