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Bitcoin Vulnerable To A Nasty Drop Unless It Claims $7K
In the past few sessions, bitcoin remained well bid above the $6,400 support area against the US Dollar. BTC price even climbed above the $6,800 resistance and settled above the 100 hourly simple moving average.
However, the bulls seem to be struggling near the $7,000 resistance area. There is likely a double top pattern forming with resistance near $7,000. The last swing high was formed near $6,989 before the price corrected lower.
There was a break below the 23.6% Fib retracement level of the main rise from the $5,750 swing low to $6,989 high. On the downside, the $6,500 area is acting as a strong support.
The main neckline support for bitcoin is near the $6,400 level and the 100 hourly simple moving average. It is also close to the 50% Fib retracement level of the main rise from the $5,750 swing low to $6,989 high.