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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.
Bitcoin Price Analysis: BTC stalls at 7K but there are still some bullish signs
Rajan Dhall, MSTARajan Dhall, MSTAFX 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. 

Bitcoin Hourly Uptrend

Additional levels

BTC/USD

Overview
Today last price6679.64
Today Daily Change-78.60
Today Daily Change %-1.16
Today daily open6758.24
 
Trends
Daily SMA206428.36
Daily SMA508290.2
Daily SMA1008222.54
Daily SMA2008349.74
 
Levels
Previous Daily High6795.01
Previous Daily Low6524.78
Previous Weekly High6951.22
Previous Weekly Low4437.02
Previous Monthly High10511.86
Previous Monthly Low8431.17
Daily Fibonacci 38.2%6691.78
Daily Fibonacci 61.8%6628
Daily Pivot Point S16590.34
Daily Pivot Point S26422.44
Daily Pivot Point S36320.11
Daily Pivot Point R16860.57
Daily Pivot Point R26962.91
Daily Pivot Point R37130.81

Author

Rajan Dhall, MSTA

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

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