Quote from: Savemore on December 24, 2019, 07:48:33 AM

Quote from: crossabdd on December 23, 2019, 05:50:49 PM

Well, the bitcoin pattern is showing strong resistance to break new gains. I was a little surprised, when most of last week showed down direction, and a lot of speculation the price fell at $ 6000. now bitcoin is breaking patterns and speculation. I hope that bitcoin can penetrate at $ 8,000 until the end of this year.

There is a resistance between $7000-$8000, when the price became near in that area; we will see that the price will bounce there because that area have a lot of sellers and that is why it called resistance. If the buyer overcome the seller in that area it means that the price breakout in the resistance and it can be a good sign of a market reversal.

That zone $7200 to $7300 proved to be a very strong resistance the price had already been rejected at that zone although there are many other resistance within that zone as you rightly said I believed if that resistance at $8000 is broken with many buyers in the market a ride upward would be imminent however Christmas is around the corner sellers might impede the bullish movement.