Bitcoin Price Showing Hidden Signs of Reversing — Next Target $8.2K

This week Bitcoin (BTC) continued to trade within a tightly defined range and at the time of writing the price is flat. The bulls and bears have been throwing the market back and forth with moments of high volatility on the lower timeframes, all of which are often a sign of a larger move simmering beneath the surface.

The wider market remains in a similar position, although some altcoins like XRP have slightly outperformed Bitcoin over the past 24 hours. 

Cryptocurrency market daily view. Source: Coin360

Watch the weekly chart

BTC USD Weekly chart. Source: TradingView

Analyzing the weekly chart shows that Bitcoin has fundamentally been locked in a bearish posture for close to six months and this is defined by the downward sloping diagonal resistance. 

Major resistance was found at $11,500 and the $9,500 and $7,500 support eventually turned into resistance. Support has now been found at $6,500 which was a critical bullish rejection level in the first half of the year and is…