Forecast on the Bitcoin exchange rate: the coin will fall in price to $ 6500

Over the past day, the Bitcoin (BTC) cryptocurrency has fallen in price by 0.80%, however, buyers are unlikely to succeed gain a foothold above the resistance level in the region of $ 7200. In this regard, the coin is expected to drop to $ 6,500 by December 17th.

Key points

Bitcoin is trading above the support level of $ 7200.

On the hourly chart, a downward wedge model is formed, similar to the model in November 2018.

Possible reduction to the level of $ 6500 up to $ 5500.

Bitcoin is trading in a falling wedge model

Bitcoin is in the final stages of forming the second phase of bullran. Traders are still wary of asset trading, and shorts are now superior to longs.

If we recall the movement of the BTC / USD price in December 2018, we will see a similar model of a downward wedge, accompanied by a sale of coins from November 2018. Now the situation may be repeated.

Current model indicates returnto previous lows of about $ 6500, with the trend ending at $ 5500. The scenario can only change due to the breakthrough of this wedge, but it will take more time.

In the meantime, the most profitable entry points for short-term profit will be a purchase between $ 7150 - $ 7015. The current wedge is an excellent opportunity to buy at lower levels.