RATE Group | Bitcoin (BTC) Signaling Bearish Continuation, $7K Support At Risk
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Bitcoin (BTC) Signaling Bearish Continuation, $7K Support At Risk

02 Dec Bitcoin (BTC) Signaling Bearish Continuation, $7K Support At Risk

Posted at 06:57h in Bitcoin News by

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  • Bitcoin price is struggling to hold a couple of important supports near $7,200 against the US Dollar.
  • The price is likely to continue lower below the $7,200 and $7,000 support levels.
  • There is a major bearish trend line forming with resistance near $7,390 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could even revisit the $6,500 support area once it settles below the $7,000 support.

Bitcoin price is facing a fresh round of selling below $7,400 against the US Dollar. BTC has likely turned sell on rallies near the $7,400 resistance area.

Bitcoin Price Analysis

After a nice recovery above the $7,500 resistance, bitcoin struggled to gain strength above $7,700 and $7,800 levels against the US Dollar. BTC traded as high as $7,874 and recently started a fresh decline.

It broke the $7,630 and $7,500 support levels to enter a bearish zone. Moreover, there was a break below the 50% Fib retracement level of the upward wave from the $6,857 swing low to $7,874 high.

The…

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