The Bitcoin price has recently dropped to the $7,200 level, which shattered the hopes of bulls who expected to see the $8,000 level (sorry, Bloomberg). However, the ball might not be in the court of bears just yet.
$7,400 is important
At the time of writing, Bitcoin is changing hands at $7,372 after experiencing a mild recovery from its today's drop. The $7,400 level is now closely watched by numerous traders. "TraderXO" says that BTC could reclaim its December monthly open if it prints a daily close above the aforementioned price target.
Watching 74 closely...— TraderXO (@TraderX0X0) December 1, 2019
Close above then I think it could retest the monthly open level.
Technical analyst "Crypto Michaël" bets that the orange coin might finally hit $8,000, the level it hasn't seen in almost two weeks if bulls make a push past $7,400.
$BTC #BITCOIN— Crypto Michaël (@CryptoMichNL) December 1, 2019
I'd be interested to see whether we can break $7,400 up here. If we can, then we might be able to go to $8,000 after all.
If not, I'm aiming at $6,900-7,000 for some longs.
Purple area (previous resistance and order block) holding for now. pic.twitter.com/pKRWOYstFL
December could be bloody
Meanwhile, "NebraskanGooner" is less optimistic. His fractal analysis shows that the BTC price could soon plunge to the low-$6,000 range. That said, it would be irresponsible to create one's trading strategy with the help of one recurring pattern, according to the trader.
#Bitcoin— NebraskanGooner📈 (@nebraskangooner) November 30, 2019
As much as people want to hate on this fractal, it continues to impress
Calm down Twitter police, we understand this is a fractal. It's mostly for fun. No one is basing our entire trading strategy off a fractal. Although maybe we should have the last couple months... pic.twitter.com/hwJqLVHN3e