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Technical Analysis
Daily Market Analysis By FXOpen
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[QUOTE="Resolve, post: 197607, member: 29339"] [B]BTC and XRP – Once again moving to the downside[/B] [IMG]https://i.postimg.cc/Z5k2xj2L/btc.jpg[/IMG] [B]BTC/USD[/B] The price of Bitcoin has been falling downwards and made a decrease of 9.14% from Sunday’s high of $32,289 to its lowest point today at $29,336. It has broken the significant horizontal support zone and is currently interacting with the descending support level from the channel in which it was since the ending days of May. [IMG]https://i.postimg.cc/jSz9gPrY/btcusd-1h-1.png[/IMG] On the hourly chart, you can see that this is another downfall back to its lows of the 26th of June and is eyeing out the one on the 22nd. This downward trajectory is the continuation of the descending triangle from the start of July which was broken on the downside today. This area is still considered as support so we might see a bounce for another minor recovery but the picture still looks bearish with the price most likely headed further down in the upcoming period. If this last descending support breaks the price will move further down and with no significant support close it could continue moving to the $18,000 zone where the next one is. This would be expected in either way but potentially these low levels would be viewed as a good buying opportunity for some, which can lead to a minor recovery first. [B]Read Full on FXOpen Company Blog...[/B] [/QUOTE]
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