RATE Group | Bitcoin Eyes First Test of $7.2K Price Support Since April
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Bitcoin Eyes First Test of $7.2K Price Support Since April

24 Oct Bitcoin Eyes First Test of $7.2K Price Support Since April

Posted at 19:01h in Cryptocurrency News by

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  • A high-volume range breakdown seen on the daily chart suggests scope for test of a long-term moving average at $7,200. A violation there would expose another major average support at $7,000.
  • A corrective bounce above resistance at $7,534 could be seen before a deeper drop, as the intraday charts are reporting oversold conditions.
  • A lagging indicator suggests BTC may bottom out in the range of $7,000 to $7,200.
  • A UTC close above the Oct. 21 high of $8,352 is needed to confirm a bullish reversal.

Long-term bitcoin price support at $7,200 may be put to test for the first time in six months, likely after a minor price bounce.

The crypto market leader fell by $500 to $7,500 during the U.S. trading hours on Wednesday, confirming a downside break of the recent trading range of $7,800 to $8,400.

Prices went on to hit a five-month low of $7,293 before printing a UTC close at $7,470 – down 6.92 percent on the day, according to Bitstamp data. That’s the biggest…

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