Manoj B Rawal
Independent Analyst
- Flirts with $7,000 mark.
- Consolidates before a big move either side.
Bitcoin continues to flirt with $7,000 mark even as it gained after a big sell-off in the last week, in a sign that volatility is subsiding and prices might stabilise around these levels, before any technical breakout occurs.
BTC/USD was up more than 2 percent on Monday at $6,976 with immediate reistances placed at $7,087 and $7,362 marks. Supports around $6,490 and $6,168 marks. For any big move to happen, this consolidation of few days is a good sign that the breakout would be on the upside.
Falling wedge, a bullish sign and death cross, a bearish sign, both are at the cusp of a breakout and any move would be sharp on either side. Given that Bitcoin leads any trend in the sector, all the other cryptos would follow the suit.
BTC/USD daily chart:
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