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Bitcoin Price Analysis: BTC/USD $7000 regained however sustainability in question

  • Bitcoin price is trading in positive territory, up 0.50% in the second half of the session. 
  • BTC/USD reclaimed the big $7000, however much supply remains within the region.
  • Key levels to note; support barrier at $6500, resistance barrier at $7250.
Bitcoin Price Analysis: BTC/USD $7000 regained however sustainability in question
Ken ChigboKen ChigboIndependent Analyst

BTC/USD daily chart

A minor move has been observed above $7000, although vulnerabilities still linger as price trades under breached bear flag. 

BTC/USD 60-minute chart

There is risk of a near-term double top formation via the 50-minute chart view. 

Spot rate:                7175.52

Relative change:     +0.50%

High:                       7191.07

Low:                        7032.13

Author

Ken Chigbo

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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