Despite the bearish chart setup, bitcoin rose to a six-day high on Monday, a corrective rally to $7,000 back on the Table.
The leading cryptocurrency unexpectedly picked up a bid around $6,450 yesterday and rise to $6,850 – the highest level since June 12, according to Bitfinex data.
The $400 rally may have trapped a few bears on the wrong side of the market, given the pennant breakdown on the chart had called for a drop to $6,000.
Yesterday's gravity-defying price action in BTC has boosted the odds of a rally to $7,024. However, the long-run outlook remains bearish for Now.
Bitcoin is changing hands at $6,700 on Bitfinex.