BTC 12.19.2019 - Important pivot support at the price of $7.020, watch for potential breakout

Industry news:
Bitcoin was on a downward spiral before the December 18-19 pump provided it a boost in the market. After entering the holiday month, BTC had lost a little over 13% of its value and was trading close to $6,500. However, the coin has been in rough waters since its June 2019 high and many within the community speculate that the price has been held down by PlusToken scammers liquidating at $2 billion worth of BTC. However, on 19 December, Whale Alert alerted the community about Ethereum [ETH] worth $105.1 million being moved from the PlusToken wallet to an unknown wallet.


Technical analysis:
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BTC has been trading upwards in the past 24 hours. Anyway, the price is near the critical support at $7.020 and it is good to watch for potential price action around the support.

Downside breakout of the $7.020 would confirm test of $6.900-$6.800

MACD slow line turned bearish, which is good sign that sellers took control from buyers.



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Performed by Petar Jacimovic
Analytical expert
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