KQMarkets

Bitcoin surge price could fall if no consolidation around $7000

BITFINEX:BTCUSD   Bitcoin / U.S. Dollar
We have witnessed Bitcoin surge over the weekend to $7450 albeit on relatively weak volume before dropping back towards $7000. We would now want Bitcoin to consolidate and not fall below the Fibonacci support level at $6998 otherwise the cryptocurrency could start dropping sharply towards $6000. However, we are not very confident that Bitcoin will consolidate and not fall below the current level because the RSI at 84 and the Keltner Channel price trending above the top band is showing it is overbought. Additionally, the PVT is showing the recent increase in price is based on relatively low volume so we are currently neutral having taken a bit of profit over the weekend and will wait and see how the market develops.
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