Season’s greetings and happy holidays to you and your folks. Indeed it is another bitcoin week. Many people tend to over trade this season as a result of the urgent need for cash. The ultimate advice is to trade carefully. Last week we expected a drop below the previous support being $6,898. This actually occurred and created room for more buy orders to be filled. Bitcoin price has now broken above the previous resistance and attempted the next resistance but failed and has now dropped to the new support, $7,324. What can happen next to bitcoin price? Bitcoin price is simply consolidating between $6,553 and $7,783. Professional traders can take advantage of this opportunity by just buying the bottom and selling the top. I will suggest the next entry should be the break above this range. The shows the trend is bullish, so we can just wait for the upward cross of the MACD before making the next entry.
Looking at the technical indicators:
Major Support Level – $6,898
Major Resistance Level – $7,783
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If you have any questions, leave it in the comment section below. Disclaimer: This article is in no way a financial advisor for your trading. Any action taken in this regard is done at your own risk. Nigerian Bitcoin Community is not liable for any loss or gain as a result of the application of this content. We advise you to do your own research.