RATE Group | Bitcoin Price Takes Aim at $7.4K Resistance — $7.6K by Monthly Close?
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Bitcoin Price Takes Aim at $7.4K Resistance — $7.6K by Monthly Close?

28 Dec Bitcoin Price Takes Aim at $7.4K Resistance — $7.6K by Monthly Close?

Posted at 09:44h in Bitcoin News by

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With the end of the year just a few days off, Bitcoin (BTC) looks set to close 2019 under $10,000. Despite the digital asset’s inability to change the bearish trend that has held a tight grip on price since June 26, the most recent price action has been a godsend for intraday traders playing the relatively predictable range.

Cryptocurrency market daily overview. Source: Coin360

Will volatility increase ahead of the monthly close?

The daily chart shows Bitcoin price continues to trade in a tightening range and the Bollinger Bands indicator suggests that traders can expect some volatility over the coming days as the upper and lower bands are tightening and the monthly close fast approaches. 

BTC USD daily chart. Source: TradingView

The price is also in the golden pocket (the zone between the 0.65% and 0.68% Fibonacci retracement levels) but whether this is bullish or bearish signal depends on a trader’s perspective. 

Some say that if the price is rising into the golden pocket this…

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