Crypto Market Flips Green — But Is Bitcoin Ready to Retest $8,000?
Horus Hughes's original article for cointelegraph.com reduced by 70%
Bitcoin price slowed down as it met resistance at $7,800 and was unable to set a higher high above $8,000. Ultimately, Bitcoin price remains trapped below the long term descending trendline and since Jun. Risk-averse investors will likely interpret the reading as a further warning that Bitcoin price could fall to new multi-month lows if it fails to hold $7,000.
The current momentum leaves traders wanting to see more volume and range in Bitcon's price action as it has been unable to hold onto gains or sustain above the 12-period EMA.Currently, purchasing volume is rising and if the price can push above the Bollinger Band moving average, Bitcoin could rise to $7,976. As observed on the daily chart and mentioned earlier, the MACD histogram continues to gain momentum but more purchasing volume will be required to push Bitcoin price through $7,400-$7,600. A drop below $7,080 could see the price sink to $6,800 and if buyers fail to buy into the dip the price could revisit the previous double bottom at $6,524.
So the price could quickly slice through this zone if BTC price drops below the descending channel support.
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CN [too long; didn’t read]
Summarised crypto news.