Despite the bearish chart setup, bitcoin rose to a six-day high on Monday, putting a corrective rally to $7,000 back on the map.
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• BTC looks set to take out immediate resistance at $6,736 and rally towards $7,024 (23.6 percent Fibonacci retracement of the drop from $9,990 to $6,108).
• A daily close (as per UTC) above that level would open the doors to $7,500–$7,600, although the rally could be short-lived as the long-run technicals are still biased to the bears.
• Bearish scenario: A sell-off to $6,000 could still happen this week, if BTC closes below the 10-day MA ($6,582) today.
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Omkar Godbole, Coindesk.