2018-7-5 16:28 |
Bitcoin (BTC) needs to overcome a key technical resistance to keep the short-term bull market going, the technical studies indicate.
Further, a detailed look at the technical charts reveals the area around $6,754 is packed with moving average lines and Bollinger Band, all working in unison to put brakes on BTC price rally.
Hence, a convincing break above the resistance needs to happen soon, else a price pullback could be in the offing.
BTC is trading above 50-candle MA and 100-candle MA and both MAs are trending north (biased to the bulls).
The bullish setup in the daily chart also favors a rally to $7,000.
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