Bitcoin Price Analysis: BTC stalls at 7K but there are still some bullish signs
- Bitcoin trades 1.17% lower and stalls once again ahead of 7K.
- The MACD and price trend are still showing positive signs on the hourly chart.
BTC/USD 1-hour chart
Bitcoin is trading 1.17% lower in the session on Friday as buying momentum stalls. There are some positive signals on the chart as the MACD looks like it is turning higher. In addition to this, the price is still making higher lows even as the 7K level has not been broken. The 55 exponential moving average has also been taken out now which is another bullish sign.
The overall trend for Bitcoin is still lower on the higher timeframes so taking short trades is tough. It feels like the whole market is in a consolidation phase at the moment with most of the coins forming consolidation tops. Moving forward a break of 7K would be a very bullish scenario and as the price edges closer, bulls will be waiting in anticipation.
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Author
Rajan Dhall, MSTA
FX Daily
Rajan Dhall is an experienced market analyst, who has been trading professionally since 2007 managing various funds producing exceptional returns.
