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Bitcoin bulls woke up with a serious headache this morning. A lot of them were just starting to think we could be in for a reversal as the price hovered around $7200 this week, and then? POP!

In one fell swoop, the price lost $1000 in 12 hours! Dipping to $6200 in the early hours of the South African morning. It has since stabilised a touch to the $6350 range, but this price isn’t looking solid.

In light of such a violent dip, we ask Graeme Tennant, SA Crypto’s Technical Analyst, for his assessment…

Below is the chart that Graeme drew whilst conducting the interview with us, where you can see Graeme’s support range ($5650 – $6100), as well as his trendlines. If you have any questions, be sure to pop into our Traders Telegram group and ask away, or leave us a comment below.

James Preston
James is the Project Lead at SA Crypto. He has a passion and skill for communications, and his career has gained him recognition while working at East Coast Radio, and success on his personal Blog which won three South African Blog Awards. James spent a number of years as a pastor, where he and his wife served some of the poorest communities in the world. It was this regular experience with the economically disadvantaged that made him research & write about society's economic landscape, subsequently leading him to the Bitcoin whitepaper back in 2012, where he began his blockchain journey.