Bitcoin Price Forecast: BTC/USD will need to break down $7000 for greater upside momentum

  • Bitcoin price is trading in negative territory, down 7.50% in the second half of the session. 
  • The bulls extended to the upside following a pennant breakout, providing further momentum. 
  • Despite the push north, there is still somewhat a risk to the downside, given a bearish flag structure. 


BTC/USD daily chart

The bulls made a critical breakout and closure above $6500, which was a barrier that had been capping upside for a few sessions. 


BTC/USD 60-minute chart

Bulls have a near-term opportunity to break free to the upside from a bullish pennant structure via the 60-minute chart view. 


Spot rate:                136.05

Relative change:      -2.15%

High:                        6983.79

Low:                         6469.17


Today last price 6610.26
Today Daily Change -158.12
Today Daily Change % -2.34
Today daily open 6768.38
Daily SMA20 6667.1
Daily SMA50 8396.77
Daily SMA100 8222.97
Daily SMA200 8388.29
Previous Daily High 6861.94
Previous Daily Low 6403.85
Previous Weekly High 6951.22
Previous Weekly Low 4437.02
Previous Monthly High 10511.86
Previous Monthly Low 8431.17
Daily Fibonacci 38.2% 6686.95
Daily Fibonacci 61.8% 6578.84
Daily Pivot Point S1 6494.17
Daily Pivot Point S2 6219.97
Daily Pivot Point S3 6036.09
Daily Pivot Point R1 6952.26
Daily Pivot Point R2 7136.15
Daily Pivot Point R3 7410.35



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