A looming end year in just a few days, Bitcoin is <a href="https://www.cryptoknowmics.com/crypto/bitcoin-was-consolidating-in-2019-bull-run-due-for-2020/">set to close</a> the year with a price value of less than $10,000 and a market capitalisation of at least $133 Billion. 

The current price action is only in favor of intraday players who have been trading relatively on a predictable range. Nevertheless, the leading cryptocurrency has failed to overcome the bearish trend , which in many words has held Bitcoin markets within a tight grasp since June 26. 

The coin’s bearish volatility seems to be on a record break. Bitcoin hit a three week all time high as it seemed to approach the $8K resistance. Only to fall back below the $7.5K within a few hours of momentarily gain. Daily price charts reveal that Bitcoin’s price will continue trading in a sharp range.

On the other hand, Bollinger Bands Indicator suggested that traders can now expect tight volatility on the course of the next few days. Nevertheless, both the lower and the upper bands are slightly tightening , while the year comes to an end. 

Additionally, Bitcoin’s price is also on the golden pocket.
<h2>What is the Golden Pocket? </h2>
The financial <a href="https://www.investopedia.com/articles/technical/04/033104.asp">Golden pocket zone</a> is a name derived from the Golden Ratio.It is an area in between 0.65% and 0.68% fib retracement level. Analysts usually implement the tiniest positive value of .618 which they express as a percentage (61.8%). 

Afterwards, the divide a number in the sequence by any number two slots to the right. For instance 21/55 becomes 31.18 - which they then round off to 38.2 percent. 

Well, Bitcoin is currently on a golden pocket zone and analysts are sure to notify traders that the signal will only be bullish or bearish depending on the perspective of a trader. 

In fact, a few analysts believe that the price is rising towards the golden pocket. An interpretation that could place the position the coin towards a short position. In case there happens to be a strong overhead resistance. 

Additionally, the price could descend into the golden pocket. Hence traders can also have this perspective of opening a new market position in anticipation of full throttle price bounce. 
<h2>Bitcoin Middle Moving Average and the Bollinger Band Indicator</h2>
Currently, Bitcoin’s price is trading beyond the middle moving average of the Bollinger Band Indicator. As it stands at the moment, the coin volume profile visible range (VPVR) revealed the <a href="https://www.cryptoknowmics.com/crypto/bitcoins-post-halving-bull-run-can-generate-over-1000-returns/">price’s support</a> at the $7.200-; a point within which Bitcoin has ridden for at least the past four days. Therefore, on the short it is likely that Bitcoin will have to go beyond the $7.4k - an immediate resistance that the major cryptocurrency has struggled to overturn within the past seven days.

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Meanwhile, momentum is taking shape and Bitcoin could take a bullish perspective on the short term. The price could also sustain beyond the $7,290 price point. Flipping around the $7,300 support  so as to attempt another shot around the $7,400 resistance. 

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Bitcoin Price Attempting the $7,400 Resistance- Year Close

A looming end year in just a few days, Bitcoin is set to close the year with a price value of less than $10,000 and a market capitalisation of $133B

Richard is a versatile fintech analyst with a deep understanding of blockchain domains. As much as technology fascinates him, he finds the intersection of both technology and finance mind-blowing. The firm belief that fintech will drive the future has brought him to the crossroads of Fintech discoveries and transmission of immutable data to a wider audience.

Bitcoin Price Attempting the $7,400 Resistance- Year Close

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