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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 Preston is the Managing Editor of South Africa's first and largest news website for the blockchain industry: SA Crypto. He is a writer and media commentator who has been reporting on how the Tech industry will make the world a better place for 14 years, with a large following on South African radio. He is an early adopter of Bitcoin, and began reporting on its revolutionary capabilities in late 2014. Philosophical by nature, he is intrigued by how the world works, and in turn, how it can be bettered. James believes wholeheartedly that the world can become as close to perfect as we humans can imagine, but it will take a lot of effort (and time) to get there. He believes his life purpose is to inspire people to believe this, and find their place in helping humanity achieve it. James regularly does talks on emerging technology and its impact on society at Universities, global conferences, and events. To invite him to speak at your event, or comment for your media outlet, email info@sacrypto.co.za