Little Relief in Sight as Bitcoin Price Closes at 7.5-Week Low


  • Bitcoin suffered its lowest UTC shut in over seven weeks on Wednesday, reinforcing the bearish view put ahead by the rejection at the 50-candle shifting common (MA) on the 6-hour chart yesterday. The shut at multi-week lows additionally dashed hopes of a falling wedge breakout.
  • The cryptocurrency additionally created a bearish outdoors reversal candle on the each day chart yesterday, opening the doorways for a drop to falling channel help at $three,230.
  • A powerful transfer above the 50-candle shifting common on the 6-hour chart, at the moment at $three,434 will possible weaken bearish pressures and yield a corrective bounce to the resistance close to $three,650.

With bitcoin (BTC) closing yesterday at the bottom degree in 7.5 weeks, the gradual sell-off is exhibiting no indicators of abating.

On Wednesday, the main cryptocurrency by market worth ended the session (as per UTC) at $three,328 – the weakest each day shut since Dec. 16 – in line with Bitstamp knowledge, dashing…

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