Bitcoin reverses the recent downtrend after hitting support at $6,500. Short term analysis suggests that Bitcoin has a bullish bias; therefore, defending $7,000 support is essential. Spot rate: $7,161 Relative change: 35 Percentage change: 0.5% Trend: Short-term bullish Volatility: Expanding Read also: Bitcoin price analysis: BTC/USD bulls push past $7,000 critical resistance BTC/USD daily chart The technical picture for Bitcoin is bearish according to the RSI lethargic recovery within the oversold. A long term falling wedge pattern suggests that Bitcoin will eventually break the barriers to make a return above $13,800. BTC/USD 4-hour chart Bitcoin has a short term bullish bias, especially with the MACD’s bullish cross towards the mean line. If the bulls defend $7,000 support, recovery towards $8,000 is likely to come easy. BTC/USD 1-hour Apart from the 50 SMA support, a short ascending trendline is proving to be a worth anchor. The supply zone at $7,400 must be broken for Bitcoin to open the gate towards $8,000. 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 China’s Yuan to gain ground on trade optimism – Goldman Sachs FX Street 3 years Bitcoin reverses the recent downtrend after hitting support at $6,500. Short term analysis suggests that Bitcoin has a bullish bias; therefore, defending $7,000 support is essential. Spot rate: $7,161 Relative change: 35 Percentage change: 0.5% Trend: Short-term bullish Volatility: Expanding Read also: Bitcoin price analysis: BTC/USD bulls push past $7,000 critical resistance BTC/USD daily chart The technical picture for Bitcoin is bearish according to the RSI lethargic recovery within the oversold. A long term falling wedge pattern suggests that Bitcoin will eventually break the barriers to make a return above $13,800. BTC/USD 4-hour chart Bitcoin has a short term bullish… 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.
