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- Bitcoin/USD – Technical Analysis
News & AnalysisAfter Bitcoin reached its all time highs around $69,000USD per coin in November of 2021, it’s been downhill ever since. Currently sitting at roughly $20,080USD, it has dropped over 70% of its value in less than a year.
Let’s break this down from a technical viewpoint, keeping it very simple with only a few lines. Not much else is needed.
On a daily time frame, Bitcoin has broken through channel after channel and there’s no signs of slowing down.
Looking at the history of the previous channels, after a breakout below which is marked with a yellow circle, bitcoin has continued to fall.
Let’s zoom in and see potentially where BTC/USD could fall to.
There is a strong support sitting at $17,590USD, which is the previous low of the downtrend which could very much attract the price of bitcoin back down to that level.
Ready to start trading?
Disclaimer: Articles are from GO Markets analysts and contributors and are based on their independent analysis or personal experiences. Views, opinions or trading styles expressed are their own, and should not be taken as either representative of or shared by GO Markets. Advice, if any, is of a ‘general’ nature and not based on your personal objectives, financial situation or needs. Consider how appropriate the advice, if any, is to your objectives, financial situation and needs, before acting on the advice. If the advice relates to acquiring a particular financial product, you should obtain and consider the Product Disclosure Statement (PDS) and Financial Services Guide (FSG) for that product before making any decisions.
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