In the period after the moderate signs of weakness, the Bitcoin showed yesterday, as he dived to his most important support at $7.200, has extended the Benchmark a crypto-currency this downward trend to continue, as the bulls are now fighting against a significant slump below $7.000.
This weakness has led to the fact that BTC has fallen to an important descending trend line, BTC has recently broken through and the potential loss of this level is a grim possibility.
Today’s re-Test of this level takes place shortly after the Cryptocurrency fell below another key technical level and this alone may be sufficient to have an immense amount of pressure to trigger.
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The Bitcoin exchange rate weakens
At the time of writing, Bitcoin is trading at its current price of 6,945. The next hours will be decisive for the future direction of Bitcoin. Manages to recover BTC back to about $7,000 or follows a downward trend in the direction of the $6,000.
Before the level was lost, turned out to be $7.200 as an important support for the crypto currency, and some traders had noticed that the crypto-currency could rise upwards when this early resistance is transformed into support.
The cops were not, however, able to successfully put this into practice, and the decline below this level has opened the gates for a crash. A popular pseudonymous Trader on Twitter pointed out in a recent Tweet on this trend line, and explained, succinctly, that he “expects further downward movements”.
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Bitcoin still defends an important level
Despite this obvious weakness, it is important to note that one Analyst recently stated that BTC has so far been able to remain above a descending trend line.
“What is remarkable is that the course is still the same: – above the red diagonal resistance above the resistance of the horizontal range. The tendency of a larger trend is still bullish, this could just be a ‘re-Test’ – but we are on the verge of a Declaration of nullity,” he explained, as he showed in the lower diagram.
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