Bitcoin (BTC) has flat-lined after creating a bullish pattern last week, and now only a move above $6,800 would put the bulls in a commanding position, according to technical charts.

Stepping back, the leading cryptocurrency clocked a four-week high of $6,810 on Coinbase last Monday before ending the week (Sunday’s UTC close) at $6,415. Despite the pullback from the multi-week highs, BTC ended up 3.7 percent higher on the week.

The bull move last week saw the creation of what’s called an inverted hammer candle. This is characterized by a long upper “shadow” (the difference between the weekly high of $6,810 and the weekly close of $6,415) and a small “body” (the spread between the weekly opening price of $6183 and the closing price of $6,415).

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