Bitcoin Fails to Sustain Prices Above $9,000

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In Brief
  • The Bitcoin price is following a long-term descending resistance line.

  • There is strong resistance at $9,200, strengthened by the 0.782 Fib level.

  • The price is trading inside a short-term descending triangle, a breakdown from which could take the price to $7,700.

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During the week of April 27-May 4, the Bitcoin price increased considerably and created a bullish engulfing candlestick. While the price began the week at $7,700, it reached a high of $9,640 before decreasing back below $9,000. While the price reached a long-term resistance level, it was unsuccessful in breaking out above it. Bitcoin's Weekly Candlestick Since reaching an all-time high

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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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