Why Bitcoin Price Is Headed to 7-Month Low If $7K Support Fails
Horus Hughes's original article for cointelegraph.com reduced by 80%
For the past few days, Bitcoin price has ranged between $7,400 to $7,100 and it seems bears are keen to push the price back below $7,000 before this week closes. Bitcoin appears bearish on the 1-hour to the weekly timeframe and barring quick day trades the price action leans towards bears and pales in comparison to what is happening with altcoins. In the event that BTC falls below $7,080 and $6,800, many analysts expect the price to drop to $6,500 where the price made a local bottom on Nov.
25. This would place Bitcoin price at the lower descending channel trendline. Willy Woo's Bitcoin NVT Signal shows Bitcoin's realized price at $5,619 - just a hair away from the $5,530 high volume node of the VPVR and $89 away from Bitcoin's realized value at $5,619.
Regarding Bitcoin's short-term price action, the digital asset continues to post lower highs and is capped below the 12-period exponential moving average. Before opening a position, traders should look for the price to cross above the 12-EMA and the previous lower high at $7,400.
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Summarised crypto news.