Bitcoin Price Is on the Verge of Breaking 7-Month Downtrend
By Michaël van de Poppe's original article for cointelegraph.com reduced by 80%
Is the price of Bitcoin already in a bull market, or is the price expecting continuation downwards? Bitcoin price is hovering below resistance and trendlineThe chart of Bitcoin is showing an apparent breakthrough in the $7,600 level. The price is moving in a crucial range, as a breakout above $8,400 would lead to a breakout of the 7-months downtrend. The price of Bitcoin rallied towards $8,200 and got rejected while establishing a new range.
If the price of Bitcoin can do that, the price is ready for continuation to the upside. If the price of Bitcoin can't hold the $7,600 level as support, the breakout to the upside can then be classified as a "Fake-out," possibly leading towards the continuation of the downward movements. Thus, if the price of Bitcoin can't hold $7,600, the sentiment will then flip bearish and traders will see where the price of Bitcoin will find new support.
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CN [too long; didn’t read]
Summarised crypto news.