Bitcoin above the $6,500 level but no decisive break up or down

A recent analysis by Omkar Godpole on CoinDesk suggests that technical signs indicate that BTC’s price may have established a floor. BTC appears to have built a base around the 21 month exponential moving average (EMA) that has been serving as a strong foor since June. However, in spite of this Bitcoin has not been able to establish a definite bullish breakout.

Throughout 2018 Bitcoin has set lower price highs, a sign that the path of least resistance is downward. However, at present that downward break is not happening. Indeed, the failure of the bears to break through the EMA support for four months in a row shows that the sell off from the record highs of near $20,000 may be at an end.

Godpole argues that Bitcoin is now set for it to rise above the recent lower price high of $7,429 that was established a month ago. This would confirm a bearish-to-bullish trend. Yet so far the last couple of weeks BTC has not even risen above $6,800….