Bitcoin Price Analysis: 7K is a step too far.....for now

Bitcoin is trading 0.55% lower on Thursday but there seems to be no conviction.
The price has made a chart pattern at the moment there could be a break either way.

Rajan Dhall, MSTA FX Daily

BTC/USD 4-hour chart

Bitcoin is trading 0.55% lower on Thursday and the market is strangely quiet. The candles are worryingly small and this can happen before an explosive move. On the chart below the 7K level seems to be the stumbling block for the bulls. It has been tested a couple of times now and whenever the bulls get close the price sells off again.

On the plus side the price is above the 55 EMA, this is normally a bullish sign. There is also the red support trendline in place but if it breaks it could indicate more bearishness is to come. The RSI indicator is above the 50 mid-line which is also bullish but it is sloping down so there is a chance of a break here. The crypto market can be very volatile and fast at times so keep a close eye on a break of this ascending triangle pattern.

Additional levels

BTC/USD

Overview
Today last price	6650.57
Today Daily Change	-40.81
Today Daily Change %	-0.61
Today daily open	6691.38

Trends
Daily SMA20	6548.27
Daily SMA50	8347.35
Daily SMA100	8221.1
Daily SMA200	8368.83

Levels
Previous Daily High	6983.8
Previous Daily Low	6469.18
Previous Weekly High	6951.22
Previous Weekly Low	4437.02
Previous Monthly High	10511.86
Previous Monthly Low	8431.17
Daily Fibonacci 38.2%	6665.76
Daily Fibonacci 61.8%	6787.21
Daily Pivot Point S1	6445.77
Daily Pivot Point S2	6200.16
Daily Pivot Point S3	5931.15
Daily Pivot Point R1	6960.39
Daily Pivot Point R2	7229.4
Daily Pivot Point R3	7475.01

Author

Rajan Dhall, MSTA

FX Daily

Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.

XRP steadies in narrow range as fund inflows, futures interest rise

Ripple is trading in a narrow range between $1.45 (immediate support) and $1.50 (resistance) at the time of writing on Monday. The remittance token extended its recovery last week, peaking at $1.67 on Sunday from the weekly open at $1.43.

Crypto Today: Bitcoin, Ethereum, XRP trade within range amid low retail interest

Bitcoin, Ethereum and Ripple continue to exhibit subdued volatility, consolidating within narrow ranges at the time of writing on Monday. Persistent low retail participation and weak technical structures limit the chances of any extended upside price movements.