Looks like bulls are trying to push the price above that 7000 mark. This could be a big fake-out before the price eventually goes down below 3k, probably all the way down to 1k. We could even see a 3 digit bitcoin price for a very short while. Who knows! everything is possible with bitcoin.
In details:
The two red lines show us a rising wedge. Rising wedges, by nature, are bearish patterns. It is 69% likely to break to the downside.
If we were to draw these two red lines differently, we would see a bear flag. That is also a bearish pattern and is most likely to break to the downside.
If we were to take this rising wedge as a bear flag instead, then Bitcoin has the chance to see one more leg up before it breaks to the downside. That would eventually give us a target of all the way down to 3000k and eventually lower.
At the time of writing this post, the price is battling at 7060$.
The rising wedge will be invalidated if Bitcoin breaks above 7,600$ area.