Bitcoin Price Must Now Break $8.2K to End 6-Month Losing Streak
By Michaël van de Poppe's original article for cointelegraph.com reduced by 80%
The moment the price is inside a range, volume usually decreases and goes away. The price couldn't clear the $7,800 resistance, through which the price retraced towards the green area around $7,000 for a support test. The same day the price retraced back towards the previous support area in which the green zone once again confirmed the support area.
If the price is once again rejected at that resistance area, it's likely that a retest of the purple area is needed. Flipping towards a bigger horizon, the price needs to clear that $8,200 area to confirm a trend shift. Why? Well, through that push, the price will be able to break the downtrend and start a potential upward trend.
The range is defined by the $6,800 to $8,000 area where Bitcoin price could be hover for a few weeks before it tests the downward trendline.
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Summarised crypto news.