Bitcoin finally is testing the $7,000 level as it soared up to past $6,900 during the final hour before it closed. It is now August 28 and the trend appears upward from late yesterday afternoon.
The CoinDesk outlook
Based on its technical analysis the CoinDesk article predicts: "The bearish net positions in the bitcoin futures markets hit a record low last week, validating the argument put forward by the technical charts that the cryptocurrency has likely bottomed out around $6,000. A break above $6,800 (psychological resistance) would bolster the already bullish technical setup and would open the doors to $7,000. A move below the ascending trendline seen in the 4-hour chart would weaken the bullish case and could yield a drop to $6,230 (Aug. 20 low)."
