Bitcoin Price in a Down-Draft
The bitcoin price chart took a bearish turn earlier today and analysis looks at the most likely support levels where the bulls might be entrenched. A down-draft during the UTC evening, and an apparently mild sell-off is approaching the 1-hour 200-period moving average. As can be seen in the 1-hour candle Bitstamp chart, above, a few large sellers had pulled down a couple of long candle wicks earlier in the day. The 1hr 200MA (red, red arrow) should offer minor support, but it is more likely that the market gives more credence to the $700 psych level at the top of the orange rectangle. If....
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