Bitcoin Fails to Break $7.8K and Now Risks Reversing to New Lows
Cointelegraph By Michael van de Poppe's original article for cointelegraph.com reduced by 46%
The overall market cap chart often provides a more unobstructed view than Bitcoin regarding price movements and, in this case, is also showing some clear signals. The BTC price has seen a surge of $1,300 during the week from $6.5K. However, it was not able to break through the next resistance at $7,800.
Such a level is a reference point for traders looking for selling opportunities, and thus, the price reversed and confirmed the $7,800 level as resistance. For the bulls, breaking and flipping this $8,000-8,300 level into support would be ideal, which would also cause the price to break out of the downtrend. A potential weak bounce to $7,700 can occur from this level of support, which I'd classify as a short opportunity before the price is ready to break downwards to $6,900-7,000 area.
Why? Well, if the price can hold the $7,350-7,400 and bounce significantly from it, another push to the upper resistance zone can be expected. If the price is not able to break through $8,000-8,300 again, then that would be a great short opportunity before another move down towards $7,000.
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