RATE Group | Bitcoin (BTC) Hesitates But Further Recovery Above $7.2K Seem Likely
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Bitcoin (BTC) Hesitates But Further Recovery Above $7.2K Seem Likely

27 Nov Bitcoin (BTC) Hesitates But Further Recovery Above $7.2K Seem Likely

Posted at 07:49h in Bitcoin News by

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  • Bitcoin is currently trimming gains after struggling to clear the $7,400 barrier against the US Dollar.
  • The price is likely to stay above the $7,000 and $6,950 support levels in the near term.
  • There is likely a bullish flag forming with resistance near $7,170 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • There are chances of a nice upward move if the price surges above $7,200 and $7,400.

Bitcoin price is trading below a few key resistance such as $7,400 against the US Dollar. Having said that, BTC seems to be forming a bullish continuation pattern as long as $6,950 holds.

Bitcoin Price Analysis

Yesterday, there was a decent start of an upside correction from the $6,535 low against the US Dollar. BTC climbed nicely above the $6,800 and $7,000 resistance levels.

Besides, it spiked above the $7,200 resistance area and the 100 hourly simple moving average. However, the price struggled to continue above the $7,375 and $7,400 resistance levels.

A high was formed near $7,372…

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