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  • Bitcoin  price is trading marginally in the red down some 0.90% in the second half of the session.  
  • BTC/USD price smashed through a critical ascending trend line of support, allowing a fresh wave of sellers to come into play.
  • The price is heading for a big test of the $7500 daily support, failure to hold may be very punishing.  

 

BTC/USD daily chart

The following major support would be eyed at $5000 mark, should $7500 give way.

BTC/USD 60-minute chart

 Price action has formed another bearish pennant which is subject to a breakout.  

 

Spot rate:                   8439.4

Relative change:       -0.20%

High:                          8118.85

Low:                           7937.57