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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 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.
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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.