Bitcoin Hammer Gives Hope to Bulls

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In Brief
  • The Bitcoin price has created a bullish hammer on the daily time-frame.

  • It has reclaimed the 50-day MA and it is following a short-term ascending support line.

  • There is long-term resistance and support at $9,900 and $9,300, respectively.

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The Bitcoin price began the day of June 15 by decreasing considerably, reaching a low of $8,910. However, the lower prices could not be sustained and BTC increased to reach a close of $9,247, creating a bullish hammer in the process. On June 15, the Bitcoin price initially decreased considerably, creating a long lower-wick and decreasing below the 50-day moving average (MA) with a low of
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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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