Bitcoin price analysis: Short term top in place, still a push to $7,000 likely

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  • BTC retraces from short term resistance.
  • One more push towards $7k likely.

Bitcoin, the King of cryptocurrencies that introduced Blockchain to the world, seems to have topped out on the short term chart even as medium to long term charts still in consolidation zone of $6,000-$7,000.

BTC/USD is trading flat on day at $6,709 and in less than 1 percent range for the day in a low volatile day – a very sign of consolidation. On the 30-minute chart, BTC retraced from its high and is giving signs of further retracement, although one more push towards $7,000 can’t be ruled out.

On the long term charts though, crossing past $7,000 will still take some more time.

BTC/USD 30-minute chart:

BTC/USD daily chart:

 

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