Bitcoin (BTC) is once again stuck in a range, moving for weeks between support and resistance levels around $7,000 to $7,500. Now, new analysis pegs a support of $7,800 as a sign of a new bullish trend.
Bitcoin Stuck in a Range Ahead of New Year
Bitcoin prices rallied close to $7,500 in a weekend rally, but went down again on Monday. With the year 2020 approaching, so far bitcoin has avoided the dip to the predicted $5,000 bottom, but the upward swing remains uncertain.
Needs to break above $7800s and close above for me to feel bullish about a possible trend reversal
Until then, price continues to range with possible accumulation (over five weeks in this range)
So far, price possibly just made another lower-high today pic.twitter.com/R4uiHbwkfp
— Josh Rager (@Josh_Rager) December 30, 2019
In its current state, bitcoin is viewed as going through another accumulation stage. Prices failed to break out from the $7,400 tier, instead returning to the usual range around $7,300. Yet the fight for even small-scale moves remains…