Bitcoin Fails to Break $7.8K and the Bullish scenario

 Bitcoin Fails to Break $7.8K  and the Bullish scenario

Gate Trade News Sunday, December 1, 2019 29 3

Now, several scenarios can be classified as bullish or bearish on multiple timeframes. As long as $7,350-7,400 remains support in the near term, another push towards the red/yellow area can occur with a target of $8,000-8,300.

Personally, I am not expecting to see an immediate breakthrough as that would be the first attempt to be testing this resistance. Usually, resistances don’t get broken on the first attempt. 

For the bulls, breaking and flipping this $8,000-8,300 level into support would be ideal, which would also cause the price to break out of the downtrend. If the price is not able to do this, it will continue to move within this downwards channel.