Bitcoin price targets the resistance of $7,400 – $7,600?
Only a few more days for 2019 will close, and it looks like the Bitcoin price will close the year below $10,000. While the market’s leading cryptocurrencies are unlikely to change the downtrend that has been going on for quite some time since June 26, recent Bitcoin price movements seem to be inviting day-traders.
Will Bitcoin price fluctuate at the monthly close?
The daily chart shows Bitcoin’s price continues to trade in a relatively tight range. Moreover, according to the Bollinger band indicator, traders can expect some small fluctuations in the coming days, especially when the upper and lower bands are tightening.
BTC/USD daily chart | Source: TradingView
Bitcoin price is also in the golden pocket (the zone between Fibonacci regression 0.65% and 0.68%). However, this is a signal of increase or decrease depending on the views of each trader. Some people believe that, if prices are rising into the golden pocket, this will be a short-term entry area, especially if there is substantial overhead resistance. Otherwise, traders will enter large orders and predict the recovery of Bitcoin price.
Currently, Bitcoin price is trading above the MA of the Bollinger band indicator. Additionally, the visible volume profile (VPVR) volume indicator shows price support at $7,200. That’s the point Bitcoin has maintained for the past four days.
Therefore, in the short term, it seems that Bitcoin is on its way to reaching $7,400. This is the closest resistance the leading cryptocurrency has struggled over the past week. While the momentum is increasing and Bitcoin seems to be rising on shorter time frames, the coin needs to sustain above $7,290. After that, Bitcoin needs to surpass the $7,300 zone to support to make another hit at the resistance of $7,400.
At the moment, the price of Bitcoin is hovering around $7,316, up slightly by 0.5% on the day and 2.4% on the week.
The altcoins are struggling to find new directions
There are not many forecasts for the Altcoin market in the last days of the year.
The second-largest cryptocurrency in the market is Ether, currently at $128.09. This number one altcoin saw a slight increase during synchronization with Bitcoin, recording an increase of about 1% at the time of writing.
It seems that the information AlphaWallet cooperated with UEFA to issue EURO 2020 tickets through the Ethereum Blockchain is not enough motivation to push ETH prices up. AlphaWallet is a company operating in the field of Blockchain, managed on the Ethereum network. Accordingly, more than 20,000 tickets will be tokenized and provided to customers and organizers and participating teams. Convenience services, as well as transport, are also included.
According to the report, Victor Zhang, CEO of AlphaWallet, said:
“If we can convert 50% of the event’s e-tickets into encrypted tickets on Blockchain, the level of Blockchain acceptance will be higher than the total number of Blockchain users worldwide (42,290,000).”
Zhang said more than 20,000 new users would experience Blockchain technology when their tickets are encrypted and secured on the Ethereum Blockchain. In this cooperation, UEFA agents will provide money and tickets, while AlphaWallet will only offer the technology.
The third-ranked cryptocurrency, XRP, is currently trading at $0.19, up 1% at the time of writing. Over the past seven days, XRP has dropped slightly by 0.4%
Most of the top 20 cryptocurrencies in the market only offer a small amount of 0.5% – 3%. Particularly with Cosmos (ATOM) is reduced by more than 5% during the day. However, the coin still recorded a nearly 9% increase in the week. NEO recorded an increase of more than 3% on the day, bringing the price to $9, recording an increase of 7% in the past seven days.
The total market capitalization of cryptocurrencies is currently at $193 billion. In particular, the Bitcoin Dominance Index is reaching 66.8%.
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