The bitcoin rally has stopped near a key resistance level, and now a slight pullback may provide the breathing space needed to advance to the long-awaited $7000 mark.
At the time of writing, the rate of the largest cryptocurrency is $6809. The bulls started to run out for about $ 6750. So, over the past 7 days, bitcoin has failed to stay above $6754 three times, and in the last 2 days, the cryptocurrency can not close above the key resistance level – $6800.
But even after overcoming this feature, BTC is waiting for resistance at $6850 (a set of daily highs of the third week of June), and then $6907, where the moving average for 50 days is located. Thus. in the $6750-$6910 gap, several resistance levels have focused, and stopping the advance in the area leaves chances for a slight pullback that could allow the bulls to gather strength and a decisive blow to break above $7000.
The breakout of the resistance of the downward channel, as well as the bullish crossover between the moving averages for 5 and 10 days, indicate a short-term trend change from bearish to bullish. This is confirmed by the relative strength index (RSI), which rose above 50.
Short-term bullish forecast remains in force, the bulls targeting $7000, and a minor pullback to $6570 (upward moving average over 10 days), most likely, will only help in this matter because the bulls will be able to collect forces in a fist. Only a close below the 10-day moving average will neutralize the positive Outlook.