RATE Group | Bitcoin Eyeing Deep Downside Correction Below $7k: Analyst
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Bitcoin Eyeing Deep Downside Correction Below $7k: Analyst

29 Jul Bitcoin Eyeing Deep Downside Correction Below $7k: Analyst

Posted at 12:25h in Bitcoin News by

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Bitcoin is one step away from testing $6,700 as support, according to prominent analyst DonAlt.

The crypto trader on Monday measured the current bitcoin bias on a three-day timeframe, believing it gave better clarity about the cryptocurrency’s expected price behavior. He noted that bitcoin earlier broke out of a 3-D pennant structure – which also appears like a descending triangle pattern – to the downside. The cryptocurrency’s inability to reenter the range, as shown in the chart below, increased its probability to extend its downward trend.

bitcoin price, bitcoin

Bitcoin Price Eyes mid $8,000 Range as Primary Support | Image Credits: DonAlt

DonAlt presented three key support areas as bitcoin deepens its plunge. The first area, which falls between $8,200 and $8,700, has served a strong resistance this year on multiple occasions. The second area, the pivot of which is around the $6,700 level, also has a history of experiencing high selling pressure. Nevertheless, on two occasions last year, the…

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