- Bitcoin in nursing massive losses as $7,800 is broken.
- Critical support is created by $7,450, followed by $7,000.
Bitcoin (BTC) is in thee free fall. The first cryptocurrency broke below critical $7,800 supported by SMA 200 (Simple Moving Average) on a weekly chart and extended the downside towards $7,400. At the time of writing, the coin is changing hands at $7,480 amid strong bearish pressure.
Looking technically, the initial support is created by $7,450 (the lower line of the Bollinger Band on a weekly chart). It is followed by a psychological $7,000.
On the upside, we will need to see a recovery above $7,500 ( the lower boundary of 15-min Bollinger Band) to mitigate an initial pressure and allow for an extended recovery towards $7,800, which now serves as resistance.
BTC/USD, the 15-min chart
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