Bitcoin Shows Signs of Stalling After Reaching Descending Resistance

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In Brief
  • The Bitcoin price has broken out from a descending channel.

  • There is strong support at $9,300.

  • The price is following a short-term ascending support line.

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On July 8, the Bitcoin (BTC) price broke out from a descending channel that had been in place since June 1. However, the price has stalled around the breakout level, raising concerns for the possibility that the breakout was not legitimate and the price will soon reverse its trend. Bitcoin Channel Breakout The Bitcoin price had been trading inside a descending channel since it reached

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Valdrin is a cryptocurrency enthusiast and financial trader. After obtaining a masters degree in Financial Markets at the Barcelona Graduate School of Economics he began working at the Ministry of Economic Development in his native country of Kosovo. In 2019, he decided to focus full-time on cryptocurrencies and trading.

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