Bitcoin Price Analysis: Heading into the Weekly Close

As Bitcoin price approaches the weekly candle close we take a look at what’s going on in the market following two weeks of relatively indecisive price action at yearly support of $6,000.

Daily Chart

Looking that the daily chart, after finding support at $6k in the previous week, Bitcoin price 00 have traded at highs of $6,900 during the week, where resistance has been found which has been typical where previous support has been found at $6,000.

Unlike in previous attempts to break horizontal resistance at $7,000, there is also the convergence of the linear trend, which has played a role in slowing down bullish waves in prior weeks, albeit not as successful at that of the log trend which is currently sat somewhere around $7,500.

This would imply that breaking through $7,000 will be a difficult task, with new entrant’s needing confirmation of a bottom and a more appealing risk to reward.

Bitcoin price 00 closed the previous week with at around $6,500 amidst parabolic short…