RATE Group | BTC/USD eyes $6,500 if $7,000 fails to, hold
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BTC/USD eyes $6,500 if $7,000 fails to, hold

05 Dec BTC/USD eyes $6,500 if $7,000 fails to, hold

Posted at 04:10h in Bitcoin News by

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  • The bearish flag pattern support breach impact is still in play and limits recovery.
  • Bitcoin reclaims the ground above $7,200 but must break the channel resistance to forged ahead.

Bitcoin is slightly bullish on Thursday during the Asian session. However, low volatility, low volume and poor fundamentals will continue to lag recovery. BTC is trading 0.30% high on the day after extending the bullish leg from an opening value of $7,196 to the current $$7,217. Moreover, an intraday low has been established at $7,173 in relation to an intraday high at $7,242.

In the meantime, declines continue within a falling channel. The channel support was breached last week but BTC reclaimed the ground within the channel. On the other hand, the channel resistance is still limiting movement.

A short-term bearish flag pattern formed from the recent lows at $6,530 gave up its support amind the correction from the failed attempt to correct above $8,000. Bitcoin reignited the lows…

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