RATE Group | Bitcoin Shows Signs of Reversal; But $6,550 Shows Bullish Case Remains Intact
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Bitcoin Shows Signs of Reversal; But $6,550 Shows Bullish Case Remains Intact

21 Apr Bitcoin Shows Signs of Reversal; But $6,550 Shows Bullish Case Remains Intact

Posted at 05:03h in Bitcoin News by

Bitcoin failed to surpass the $7,200 resistance and declined below $7,000 against the US Dollar. BTC price is showing a few bearish signs, but the bulls are likely to protect $6,555.

  • Bitcoin is declining and trading below the $7,000 support zone against the US Dollar.
  • It is testing a major support near the $6,750-$6,800 region.
  • There was a break below a key bullish trend line with support near $7,110 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair is likely to find a strong buying interest if it corrects further towards the $6,555 support.

Bitcoin Correcting Gains

After a couple of failed attempts above $7,200, bitcoin price reacted to the downside against the US Dollar. BTC started a downside correction from the $7,229 swing high and traded below the $7,100 support.

The price declined sharply below the $7,000 support and the 100 hourly simple moving average. More importantly, there was a break below a key bullish trend line with support near $7,110 on the hourly…

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