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

Over the past 24 hours, the Bitcoin cryptocurrency (BTC) has fallen in price by 0.80%, however, buyers are unlikely togain 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 down 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 price movement of BTC/USD in December 2018, we see a similar descending wedge pattern, accompanied by a sell-off of coins since November 2018. Now the situation may repeat itself.

The current model indicates the possibilitya return to previous lows around $6,500, with the trend ending at $5,500. The scenario can only change with a breakout of this wedge, but it will take more time.

In the meantime, the most profitable entry points forshort-term profit would be to buy between $7,150 – $7,015 The current wedge presents an excellent buying opportunity at lower levels.