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Bitcoin Price Chart: BTC/USD Moves Down

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  • Bitcoin Price Chart: BTC/USD Moves Down

    Bitcoin price after a solid rise towards $1250 against the US Dollar found sellers and moved down.
    There was a high near $1245 from where the price started a downside move.

    It moved down below a major support area at $1225, which ignited a downside move.
    Then, the price broke a bullish trend line with support at $1220 on the hourly chart.

    The price fell below the $1200, suggesting a short term bearish bias.
    A low was created at $1160 from where the price started correcting higher.

    The price is now correcting higher, but I think the same broken support at $1220 may now act as a resistance.
    You can view the chart attached to look at the current price action.

    Trade Safe, Cheers!

    Click image for larger version

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  • #2
    Thanks, your contributions are always appreciated. I need to study this area as well! ;D