The bulls are struggling to defend their position as the price continues its downtrend.
Current support/resistance: $7'000/$7'500
Two days ago, the price was laying around the $7'600 level which got rapidly denied as selling pressure increased. The sellers have a strong control of the region and it will require more to push the price. It is interesting to note that the signal given by the 20 days moving average combined with the MACD was not sufficient to create this missing spark. Many analysts have also noticed the massive increase of long positions that have been taking place for more than two weeks. In the past, it has not been a positive sign and if a long squeeze happens (holders of the long needs to sell to pay the loss) it may drag the price to unexpectedly low levels.
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