Bitcoin Breaks Down from Long-Term Support Line

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In Brief
  • The Bitcoin price decreased considerably on June 11, but found support above the 50-day MA.

  • There is short-term resistance at $9,550 and support at $8,700.

  • A long-term correction could knock the price back to the low $7,000s.

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On June 11, the Bitcoin price created a massive bearish engulfing candlestick, causing the price to break down from the long-term ascending support line it had been following since March 13. It is possible that this was the beginning of a longer-term corrective movement that could knock the price all the way back to $7,000. Bitcoin Breakdown On June 11, the Bitcoin price created a
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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