RATE Group | Bitcoin price analysis: BTC/USD next stop is $6,900
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Bitcoin price analysis: BTC/USD next stop is $6,900

26 Sep Bitcoin price analysis: BTC/USD next stop is $6,900

Posted at 08:09h in Bitcoin News by

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  • Bitcoin’s failure to clear $8,800 resistance demoralized the bulls opening the Pandora box again.
  • The break below six-month trendline support means that the downtrend will not correct easily.
  • Bitcoin continues to explore levels towards $8,000 ignoring the visible oversold conditions.

Bitcoin retreat after testing $8,800 hurdle on Wednesday appears to have demoralized the investors and the bulls on the market. This movement has left the next key support areas vulnerable to declines. For this reason, an analyst on Twitter, Trading Room emphasizes that if recovery does not come into play soon, investors should prepare for another rollercoaster ride to levels within $7,200 – $6,900.

In the chart analysis, Trading Room says that the 200 Daily MA must be reclaimed in order to avert the breakdown.

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