By Leah Hutton (Luxembourg)
Bitcoin has struck in the zone between $7943 and $8896 and the area is stuff with good momentum to take upward steep rally. Currently, the price value is degrading very dangerously due to selling pressure. The pressure of 30-day trending behavior has not bubbled up towards some satisfying conclusion and the price is reserved in the specified area.
Bitcoin has not performed well as people wished about it but on the contrary, making unexpected moves from the past one month. The trend line is making up and downswings around the $8,000 that is a marked boundary. The good start of the coin from the start of 2019 has been silenced by the bearish forces and it seems that bitcoin is unable to break the spell of long term bearish shadows up to next some days.
When recapturing the track of trend line in the past two days, it was jumped up by $400 that appeared to overcome the slumping but failed. It defeated while resisting against the resistance level at $8400-the barrier for uplifting price. The hedge at $8400 hit back and pushed the price to $7920.
RSI
The RSI line has adopted the steep path and expected to take the ascending direction. So, there is still hope that value will again boost to an unprecedented level but currently, there is no sign of rally at all. The RSI pointer is below the level of 40 at about 31-a signal considered as a bearish indication.
The level at $8,000 will be served as resistance and try to make the pathway of the Bitcoin more hard and unbreaking. The bitcoin needs to overcome this level to face the barrier at $8,400. Currently, the value is swinging around $8,000 mark. But if the coin failed to move above $9,000 figure then it will be automatically damned to $7,000.
Bitcoin Price Prediction
The price prediction indicators are lighting up the idea that Bitcoin has to prove itself above $10,000 in order to make a great recovery. Otherwise, its next goal is $7,000 that will definitely put the traders in a difficult situation.
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