Bitcoin Price Forecast: BTC/USD recovery stalls above $6,000, all eyes set on $7,000

Bitcoin price recovery hits a dead end at $6,400 but $6,000 comes out as a strong support area.
Technical levels align positively in the favor of a short term sideways action in preparation for a run-up to $7,000.

Spot rate: $6,227

Relative change: +44

Percentage change: 0.76%

Trend: Bearish

Volatility: Low

BTC/USD daily chart

Bitcoin price recovery above $6,000 stalled at $6,400. Retreat from the weekly high has found support above $6,000. Buyers are in the driver seat in spite of the bearish correction. However, if the resistance at $6,400 is not cleared soon, selling activity could grip BTC/USD pushing it towards the resistance turned support at $5,500 and the key support at $5,000.

Consequently, a pennant pattern suggests that Bitcoin is not yet safe from potential losses. The pattern’s resistance has to come down for gains towards $7,000 to materialized. However, if the pennant support is shattered, Bitcoin price could spiral under $5,000.

BTC/USD 2-hour chart

Bitcoin price short term analysis epitomizes a digital asset with the strength to sustain a steady uptrend. Besides $6,000 standing out as a critical support area, the moving averages; 50 SMA and the 100 SMA are in line to offer more support. The RSI is horizontal at 70 which means that there still room for growth. A bearish session displayed by Elliot Wave Oscillator could soon give way to a bullish session as long as the price stays above $6,200 (immediate support area).

BTC/USD

Overview
Today last price	6226.23
Today Daily Change	41.42
Today Daily Change %	0.67
Today daily open	6184.81

Trends
Daily SMA20	7266.96
Daily SMA50	8703.21
Daily SMA100	8266.3
Daily SMA200	8480.66

Levels
Previous Daily High	6432.65
Previous Daily Low	5265.4
Previous Weekly High	8899.6
Previous Weekly Low	3886.49
Previous Monthly High	10511.86
Previous Monthly Low	8431.17
Daily Fibonacci 38.2%	5986.76
Daily Fibonacci 61.8%	5711.29
Daily Pivot Point S1	5489.26
Daily Pivot Point S2	4793.7
Daily Pivot Point S3	4322.01
Daily Pivot Point R1	6656.5
Daily Pivot Point R2	7128.2
Daily Pivot Point R3	7823.75

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