BTC/USD failed to break Andrew’s pitchfork upper line in a sustainable way. Rob Sluymer from Fundstrat thinks long-term recovery is coming. Bitcoin is trading at $6,680 at the time of writing, down 1.6% on Friday. The price broke below $6,700 handle during early Asian hours with no fundamental trigger readily identified. According to Rob Sluymer, technical strategist at Fundstrat Global Advisors, Bitcoin is showing some signs of the upcoming recovery. The digital coin No. 1 bottomed out marginally above $6,000 in the middle of June and gained 10% since that time. “BTC and ETH are again at important technical inflection points and need to push above their downtrends near BTC 7000 and ETH 550 to signal the recent bounce is anything more than an oversold bounce back to resistance within a downtrend that began in early May,” he explained. Bitcoin technical picture It seems that BTC/USD is not ready to leave the downside channel, as the price attempted to break above Andrew’s pitchfork, but quickly returned to the previous range. Now the upside is capped by $6,700 handle strengthened by the above-said Andrew’s pitchfork line and 500-SMA (hourly chart). Once it is cleared, the upside may be extended towards $7,000. On the downside, the support is produced by $6,400 and $6,200. BTC/USD, hourly chart FX Street FX Street FXStreet is the leading independent portal dedicated to the Foreign Exchange (Forex) market. It was launched in 2000 and the portal has always been proud of their unyielding commitment to provide objective and unbiased information, to enable their users to take better and more confident decisions. View All Post By FX Street Crypto News share Read Next IMF: Trade tensions are the biggest risk for the Eurozone – CNBC FX Street 4 years BTC/USD failed to break Andrew's pitchfork upper line in a sustainable way. Rob Sluymer from Fundstrat thinks long-term recovery is coming. Bitcoin is trading at $6,680 at the time of writing, down 1.6% on Friday. The price broke below $6,700 handle during early Asian hours with no fundamental trigger readily identified. According to Rob Sluymer, technical strategist at Fundstrat Global Advisors, Bitcoin is showing some signs of the upcoming recovery. The digital coin No. 1 bottomed out marginally above $6,000 in the middle of June and gained 10% since that time. "BTC and ETH are again at important technical… Regulated Forex Brokers All Brokers Sponsored Brokers Broker Benefits Min Deposit Score Visit Broker 1 $100T&Cs Apply 0% Commission and No stamp DutyRegulated by US,UK & International StockCopy Successfull Traders 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 2 T&Cs Apply 9.8 Visit Site FreeBets Reviews$100Your capital is at risk. 3 Recommended Broker $100T&Cs Apply No deposit or withdrawal feesTrade major forex pairs such as EUR/USD with leverage up to 30:1 and tight spreads of 0.9 pips Low $100 minimum deposit to open a trading account 9 Visit Site FreeBets ReviewsYour capital is at risk. 4 T&Cs Apply Visit Site FreeBets ReviewsYour capital is at risk. 5 Recommended Broker $0T&Cs Apply Trade gold, silver, and platinum directly against major currenciesUp to 1:500 leverage for forex trading24/5 customer service by phone and email 9 Visit Site FreeBets ReviewsYour capital is at risk.
