Bitcoin Price Dips Below $7,000 but Key Support Still Intact

The broad rally of the past few days halted today, as several of the majors reversed course after reaching key resistance levels and trendlines. The total value of the market is still around $225 billion as smaller coins outperformed their larger peers, and the broader bearish patterns are mostly still intact in the segment.

Almost all of the top coins joined the short-term rally, but none of them changed the long-term trend signal, with still only Bitcoin being on a neutral signal according to our trend model. With that in mind this week’s move still only qualifies as a counter-trend move, and other than short-term positions, traders and investors should remain defensive regarding the segment.

BTC/USD, 4-Hour Chart Analysis

Bitcoin entered a shallow correction before reaching the next major resistance zone between $7200 and $7300, and now the coin is back near the $7000 level, trying to establish a short-term swing low. BTC remains on a short-term buy signal, as…