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.