Ten days ago, we published an article on Bitcoin’s technical price action. Here’s the update. See the chart below.
We identified (3) as the next support level. As it turned out, price has bounced off $5,777 and is currently hovering around that level.
The only big news surrounding Bitcoin at the time of writing is that the US government is seeking to confiscate $24 million worth of drug-sales-related BTC from the dark web, according to an announcement by the DOJ for the District of Maryland.
Technically, BTC is in a downtrend, and we’re looking to see if (6) might be the next price level or whether price will begin breaking out toward the upside, above (1) at $6374, and then (2) at $7790 at which point the downtrend will then be in question.
Stay tuned for more updates.
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