Bitcoin Price Analysis: Unconvincing Growth
Last week, bitcoin demonstrated several attempts to grow and managed to reach a level of about $ 6,800. Nevertheless, the price did not break a psychological barrier near $ 7000. Moreover, by Monday morning there was a slight correction with a rollback of up to $ 6,700.
A small amplitude of quotations suggests that Bitcoin price is still in flat, despite the next candle is a bullish. Thus, the current movementwe may call a correction within the declining trend. Until the level of $ 7000 is overcome, the current growth continues to be unconvincing.
On the 4-hour chart there is a positive moment, BTC/USD breaks downward resistance, which was formed as early as the beginning of May (on the chart is indicated by a yellow dotted line). Already 4 times the price grow to it, but this time it was able to overcome this level. Also in the $ 7000 area, the border of the global triangle is visible, which has been broken and now it is preparing its retest from below.
In case of overcoming the $ 7000 mark, I expect the price to rise to $ 8000 within the framework of the triangle formed in spring.
Important levels above: $ 6700- $ 7000- $ 8000.
Important levels below: $ 6400- $ 6000- $ 5700.