$7.5K Ahead? Bitcoin Price Charts Hint at Bull Move

The stagnant bitcoin charts could spring back to life in the next 24 hours, with a bullish move possibly on the cards.

The cryptocurrency has been moving in a more or less sideways manner for over a week now and - currently trading at $6,848 on Bitfinex - is largely unchanged on a 24-hour basis.

Falling wedge, a bullish reversal pattern, meaning an upside break would confirm the tide has turned in favor of the bulls.

Pennant formation, a bearish continuation pattern, characterized by lower price highs and higher price lows.

BTC suffered a high volume drop from $7,189 to $6,611 on April 9, engulfing the previous day's price action.

The follow-through in the next two trading days has not been encouraging for the bears, given that bitcoin moved back well above $6,611.

The bear's weakness, when viewed against the backdrop of the basing pattern along the ascending 50-week moving average, suggests there is scope for a minor rally.

A base may have formed along the key moving average support.

BTC will likely break through $7,100, confirming a falling wedge reversal and move towards the resistance lined up at $7,510 in the next 24 hours.

Such a move would signal downside break of the pennant pattern, thus opening the doors to $6,425.