BTC: $7,000 Support Was Lost And The Plunge Is Coming

BTC finally fell in the early hours of the afternoon, the price dropped below $7,000 support in a short time and reached to $6,839. Market panic intensified. This time, it went deeper, although it did not fall below $6,800, it was enough to make the entire market situation into a shock. The pattern of long and short stalemate was broken, and the balance tilted to bears. This big drop is undoubtedly caused by the cash-out of large orders at the end of the year.

The four-hour Bollinger Band continued to overcast. The early afternoon decline directly broke the Bollinger Band’s lower track. The Bollinger Band opened downward. The currency price continued to fall slowly after rebounding from a low level.

The current trend is restored within the rail of the Bollinger Bands . The upper moving averages are short and the MACD is below the zero axis. The indicator formed a dead fork and the volume was down, and the intraday trend is expected to be downtrend.

Trading recommendations:
Short: $6,950-$7,000
target: $6,900-$6,750
stop loss: $7,100

Entry: $6,800
target: $6,900-$7,000
stop loss: $6,700

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