Bitcoin price analysis: BTC/USD sits where it hurts, but won't break where it can't get back up

BTC faces resistance exactly where the price is.
Prices consolidating is a good sign for the long term bulls.

Manoj B Rawal Independent Analyst

The king of digital currencies, Bitcoin, is sitting exactly where it faces tough time to sustain the prices and may find itself going back to where it began from, perhaps towards round-figure mark of $7,000.

BTC/USD is trading flat on day at $7,510, after bouncing from the lows of the day of $7,442. The price of BTC is exactly where it hurts the bulls - on the 240-minute chart, there's a downward sloping trendline which is at $7,500 currently and given the thinly traded weekend, it may not be easy to sustain this trendline.

Having said that, long term consolidation visible on the daily chart is a good sign for long term bulls and the more it consolidates above the trendline support, which is placed around $7,000, the better the chances of BTC heading higher in the long term.

BTC/USD 240-minute chart:

BTC/USD daily chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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