It's been almost 3 weeks since Bitcoin touched 10k and started a steady downtrend towards 7k.
If you look at the chart you can find some strong support indicators:
Trend Line - This is the fifth time we touch this trend line: first time was 5114$, then 5400$, 6000$, ~6500$, and now at the last low 7260$
0.786 Fibonacci - If we draw a Fibonacci from 6000$ to 11790$ we can see this is second time bitcoin touches the 0.786 line at ~7250$
RSI - Bitcoin has a very low daily RSI and even lower 4-hour RSI
If Bitcoin can hold this ~7250$ level then it will be a third higher low (6000$, 6500$ and 7250$) which can be a good sign for upcoming bull run.
If Bitcoin fails to hold this level the next strong supports are at 6500$ and 6000$
Legal Disclaimer: This is my opinion, and my opinion only. I am not a financial adviser and the information provided in this blog post is meant for use as informative or entertainment purposes only.
Do your own research before investing your hard earn money and never invest money that you cannot afford to lose.
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