What Bitcoin’s Latest Dip Tells us about Future Prices

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In Brief
  • The Bitcoin price has fallen back below its long-term descending resistance line and has created a weekly Doji candlestick.

  • There is resistance between $9,000-$9,200.

  • Bitcoin has created a double-bottom at $8,200.

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The Bitcoin price moved considerably during the week of May 3-10. The price started the week near $8,900 and reached a high of $10,067, only to decrease all the way back to $8,113 briefly. However, the price rebounded and reached a close of $8,832, only slightly lower than the opening price. This created a Doji candlestick, which can be read as a sign of reversal when occurring after an
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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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