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Bitcoin’s drop to three-week lows today has likely kick-started a bearish move towards the major support at $6,000, technical charts indicate.
The leading cryptocurrency fell to $6,252 at 7:15 UTC on Bitfinex – the lowest level since Sept. 19 – and was last seen trading at $6,300, representing a 5-percent drop on a 24-hour basis.
The failure to capitalize on Monday’s move above the crucial 10-week exponential moving average (EMA) resistance of $6,998, despite the upside break of a key falling trendline, ended up emboldening the bears, as expected.
More importantly, the sell-off witnessed in the last few hours has put an end to a prolonged period of lateral trading. The technical indicators have rolled over in favor of the bears,
Read full article » https://www.coindesk.com/4-reasons-why-bitcoins-price-could-now-drop-to-6k/
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