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.
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.
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Additional levels
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.
