RATE Group | Below $7K: Bitcoin Price Looks Indecisive After 19-Day Low
37830
wp-singular,post-template-default,single,single-post,postid-37830,single-format-standard,wp-theme-bridge,wp-child-theme-bridge-child,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Below $7K: Bitcoin Price Looks Indecisive After 19-Day Low

06 Aug Below $7K: Bitcoin Price Looks Indecisive After 19-Day Low

Posted at 11:20h in Bitcoin News by

[ad_1]

Bitcoin’s (BTC) price is trading in an indecisive manner after hitting 19-day lows below $6,900 on Sunday, but could pick up a bid on acceptance above $7,100, technical studies indicate.

The leading cryptocurrency fell to $6,890 on Bitfinex yesterday – its lowest level since July 17 – before ending the day (as per UTC) on a flat note at $7,025.

The price action indicates indecision in the marketplace, but could also be considered a sign of bearish exhaustion as the market is looking indecisive after a 21 percent slide from the recent high of $8,507.

Now if the bulls are able to push prices above Sunday’s high of $7,090, then the exhaustion among sellers would be confirmed. On the other hand, a slide below the previous day’s low of $6,890 would only make matters worse for the cryptocurrency.

At press time, BTC is trading at $6,975 – down 0.80 percent on a 24-hour basis.

Daily chart

The above chart shows, BTC created a doji candle (indecision) on Sunday at the 50-day moving…

[ad_2]

Source link

Tags:
, , , ,