The last few days have been a bloodbath for Bitcoin, will the price stabilize and recover in the longer term?
Current support/resistance: $7'400/$7'700
As feared for several days, after failing to recover, the price of bitcoin fell below $7'700 and fell dramatically below that level. Indeed, this level had been tested several times, so it was likely that this scenario would be observed. The indicators are bearish with a clear momentum and an RSI oveersold. The current level is to be closely monitored as it is the last support before the $6'000 region. As the price is far from the moving average, it is likely that bitcoin will stabilize at the current level for the time being before a potential violent movement. To expect a trend reversal, a strong bullish momentum must be observed and several levels of resistance crossed.
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