Yesterday, the bears broke the below the EMAs and the bulls pulled back above the EMAs. However, if the bears break the 6,500 price level, the price of Bitcoin will revisit the lows of 6,200 and 6,000. The price of Bitcoin is below the 12-day EMA and the 26-day EMA which indicates that a bearish trend is ongoing. BTC/USD Daily Chart In this time frame, the stability of the last two weeks is evident and here BTC/USD prices are moving inside Oct 15 high low as volume tapers.
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The global stock market stands at 73 trillion but the combined value of the stock, bond, and real estate market cap is estimated to be around 503 trillion. While we mark the 10th anniversary, there is no doubt that applications that depend on the underlying technologyblockchain will not only be disruptive but be the very vehicles through which investors will channel their hard-earned cash for big profits. This indicates that the price of Bitcoin has a strong bearish momentum. If the BTC price breaks the resistance at 6,400 price level, the digital asset is likely to reach the high of 7,400. Let us assume that the price is in the support zone where buying is prevalent. For now, candlestick arrangement demands patience though we are technically in a bear trend advised from an effort versus result point of view. Note that Bitcoin prices are stable when we take a top down approach analyzing gains in the weekly chart where prices are down one percent. If the bulls have a price breakout, the resistance level will be broken and the crypto will reach the highs of 4,500 and 5,000. In January the bears broke the 3,700 support level as price continued its fall to the 3,400 price level. The bulls faced resistance at the 8,400 price level which compelled price to a sideways trend before its eventual fall to its current low.
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