2018-6-22 16:31 |
As discussed yesterday, the cryptocurrency’s persistent failure to scale the $6,800 mark in a convincing manner had raised the prospects of another leg down in bitcoin prices.
Bitcoin breached the key support of $6,620 a couple of hours ago – signaling that the relief rally from the June 13 low of $6,108 has ended at $6,850 (June 18 high) and the bears have regained control.
The stage is now set for a drop to $5,090 (target as per the measured height method, i.e.
Meanwhile, the bearish crossover between the 5-month and 10-month moving averages (MAs) also favors a convincing break below the immediate support of $6,000 (February low).
A high volume break above the 50-week MA, currently located at $6,958 would signal long-term bearish invalidation.
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