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Bitcoin Price Analysis: BTC stalls at 7K but there are still some bullish signs

Bitcoin trades 1.17% lower and stalls once again ahead of 7K.
The MACD and price trend are still showing positive signs on the hourly chart.

Rajan Dhall, MSTA FX Daily

BTC/USD 1-hour chart

Bitcoin is trading 1.17% lower in the session on Friday as buying momentum stalls. There are some positive signals on the chart as the MACD looks like it is turning higher. In addition to this, the price is still making higher lows even as the 7K level has not been broken. The 55 exponential moving average has also been taken out now which is another bullish sign.

The overall trend for Bitcoin is still lower on the higher timeframes so taking short trades is tough. It feels like the whole market is in a consolidation phase at the moment with most of the coins forming consolidation tops. Moving forward a break of 7K would be a very bullish scenario and as the price edges closer, bulls will be waiting in anticipation.

Additional levels

BTC/USD

Overview
Today last price	6679.64
Today Daily Change	-78.60
Today Daily Change %	-1.16
Today daily open	6758.24

Trends
Daily SMA20	6428.36
Daily SMA50	8290.2
Daily SMA100	8222.54
Daily SMA200	8349.74

Levels
Previous Daily High	6795.01
Previous Daily Low	6524.78
Previous Weekly High	6951.22
Previous Weekly Low	4437.02
Previous Monthly High	10511.86
Previous Monthly Low	8431.17
Daily Fibonacci 38.2%	6691.78
Daily Fibonacci 61.8%	6628
Daily Pivot Point S1	6590.34
Daily Pivot Point S2	6422.44
Daily Pivot Point S3	6320.11
Daily Pivot Point R1	6860.57
Daily Pivot Point R2	6962.91
Daily Pivot Point R3	7130.81

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.

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BTC/USD 1-hour chart

Additional levels

BTC/USD

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