CryptoBank.Ltd - Bitcoin's Road Back to $7K (And the Chart Hurdles In the Way)

" Having defended $6,000 last week, bitcoin (BTC) appears to be building momentum for a price rise, but nearby technical hurdles still present a formidable challenge.

At press time, the world's most valuable cryptocurrency is changing hands at $6,689 on Bitfinex and looks to be gaining steam for another test of $6,838. As such, the level is shaping up to be a make-or-break mark, one that could reveal if a classic trend reversal pattern, known as the inverse head-and-shoulders, will take effect.

Indeed, a close above that level would amount to a short-term bearish-to-bullish trend change and open doors for a rally to $7,900 (a target measured by adding the distance from the resistance to the recent low with the break-out level)." - Sam Ouimet - Read Full Article

Source: CoinDesk

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