The new Bitcoin price rally (BTC) has stagnated in the vicinity of significant resistance and a minor pullback could finally push this expected move above US $ 7,000.
For now, the king of cryptocurrency is changing hands to around US $ 6,710 in Bitfinex after reaching its peak in the last 18 days at US $ 6,839 over the weekend, also showing signs of ending the trend bullish near the range between US $ 6,750 and US $ 7,910.
Also, Bitcoin has failed three times to stay above US $ 6,754 per unit, which would represent the line of 23.6% of the projection offered by the Fibonacci indicator since the fall between US $ 9,990 to US $ 5,755. In addition, it has not been able to stay above US $ 6,800 in the last couple of days.
It is also worth mentioning that the price of the BTC probably finds its new resistance at US $ 6,850; while the averages of mobile lines would indicate that it would be positioned around US $ 6,907. However, the area between US $ 6,750 and US $ 6,910 includes strong levels of resistance and signs of fatigue of the upward trend suggest that the price of the king of the cryptocurrencies could face a lower pulback, but then they could catapult it towards the US $ 7,000 per unit.
The breaking of the channel of the bullish flag and the crossing between the moving averages of 5 and 10 days would indicate that the tendency of the price would go towards the rise to the short term, tendency also confirmed by the RSI that finally has been positioned above 50.00
The bullish falling channel breakout and the bullish crossover between 5-day and 10-day MA indicate the tide has turned in favor of the bulls for short-term.