Bitcoin price analysis: Consolidation continues before the big move

Flirts with $7,000 mark.
Consolidates before a big move either side.

Manoj B Rawal Independent Analyst

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:

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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