[2019-06-04] Long-Term Support Level May Struggle to Revive Bitcoin Price Rally

[_Django05_]

• Bitcoin is again attempting a recovery from the 30-day moving average, currently at $7,710. The key average has consistently reversed price pullbacks in the last four months.
• This time, BTC is more likely to end up creating a bearish lower high (shallow bounce) or may find acceptance below the average in the next day or two, as both the daily and weekly technical indicators are calling a deeper price pullback.
• A UTC close below the 30-day MA would open the doors to $7,000.
• If the ongoing recovery from the MA ends with a UTC close above $8,103 (today’s high), BTC may rise to $8,500 in the next couple of days.

Bitcoin’s (BTC) price pullback seems to have stalled near historically strong support, but a bounce, if any, could be shallow.

The cryptocurrency market leader dived below $8,000 in the Asian trading hours today and almost tested the crucial 30-day moving average (MA) support, currently at $7,707, according to Bitstamp data.

https://www.coindesk.com/long-term-support-level-may-struggle-to-revive-bitcoin-price-rally

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[CryptoBry]

So the expected jump to the $9,000 zone was kinda short-lived as we are right now experiencing a pullback and there can be a chance that bitcoin can go lower that its price today. However, bitcoin is bitcoin so we may see unexpected push upwards within this week. We should be taking this time as an opportunity to add more and for those wanting to enter the bitcoin club to do it now while price is cheaper...before it gonna  run towards the $9,000 level and beyond. 

[Slow death]

this has become news on all news channels:

Bitcoin Drops Below $8K, Stocks See Volatility Amid Global Trade Tensions

Bitcoin Price Flash Crashes to $101 CAD on Kraken, Increasing Concerns About Price Manipulation

Until now the price is behaving very well.