Bitcoin breaks below short-term support


Bitcoin is trading just above the $60,000 price level. Short-term trend is changing to bearish. Price has started forming lower lows and lower highs. Price has broken below the horizontal support at $63,450 and below the short-term upward sloping trend line at $62,250.

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Red rectangle- horizontal support

Blue line- support trend line

Bitcoin has broken to new short-term lower lows after the lower high at $66,260. Price has reached the lows made on October 28th and is now testing them. Breaking below the $59,350 level would be a bearish signal and this could lead to more downside towards $54,000. As long as price is below $66,300, I expect Bitcoin price to be vulnerable to the downside.




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Alexandros Yfantis
Analytical expert of InstaForex
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