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$6.9K Is the New Price to Watch for Bitcoin Bulls
Bitcoin's narrowing price range means a bull breakout could occur if prices beat key resistance at $6,970.
Por Omkar Godbole
Bitcoin has pulled back from 17-days highs clocked over the weekend and risks losing bullish bias if prices close below $6,600, technical studies indicate.
A break below that level will make it far harder for the bulls to force a major upside breakout above the crucial resistance at $6,970. However, if prices hold above $6,600 in the next 24 hours, that target may be achievable.
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The leading cryptocurrency was solidly bid on Friday likely due to an increased investor interest in XRP and other alternative cryptocurrencies. Notably, prices flew past $6,600, confirming a double bottom bullish reversal and opening doors to the psychological support of $7,000.
However, the altcoin rally fizzled out over the weekend. For instance, XRP, which was reporting a 75 percent gain at $0.77 in the US hours on Friday, fell back to $0.50 just a day later and is currently threatening to drop below that level.
Further, Friday's other big gainers like aurora and monacoin shed a major chunk of their gains over the weekend.
As a result, the rally in BTC was cut short at a 17-day high of $6,841 on Saturday. At press time, the cryptocurrency is changing hands at $6,610 on Bitfinex – down 1.8 percent on a 24-hour basis.
Daily chart
Over on the daily chart, a sustained break below $6,600 (neckline support) would invalidate the bullish setup indicated by Friday's double bottom breakout.
It's worth noting that the cryptocurrency found takers below that level on Saturday. So, the bears may want to see back-to-back UTC closes below $6,000 before jumping the gun.
Should the cryptocurrency defend $6,000 in the next 24 hours, then the top edge of the pennant pattern, currently located at $6,970, could come into play.
Weekly chart
The weekly chart shows that BTC created a bullish outside-week candle last week, adding credence to the persistent defense of $6,00–$5,800 range over the last three months.
As a result, the odds of BTC rising to the pennant resistance of $6,970 in the near-term are high.
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- A UTC close below $6,600 (double bottom neckline) would invalidate the bullish setup.
- The pennant resistance of $6,970 could be put to test soon if prices hold above $6,600 in the next 24 hours.
- A UTC close above the pennant hurdle of $6,970 would strengthen the bullish grip and allow a rally to July highs above $8,500.
Disclosure: The author holds no cryptocurrency assets at the time of writing.
Bitcoin image via Shutterstock; Charts by Trading View
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