Just a few updates since my last Bitcoin price analysis, like I mentioned in the previous report $7000 is the key zone, and so far it seems that the bulls have been unable to break the ceiling. Lets take a look at the BTCUSD 1hr chart.
Prices have broken out of the previous bullish channel, which is a bearish signal on the shorter term. The bulls will need the prices to consolidate above $7000 in order to maintain this momentum.
The indicator is confirming the possible bearish trend forming, and clearly shows that the bears are in town and there is some selling to do. I would not get too excited as the volume is really low at this point and we need more sellers to step up, or prices will pop above $7k sooner than later.
Support levels mentioned in my previous report are still valid, lets be patient while the bulls and the bears battle it out on the markets. Safe trades.