Bitcoin Creeping Below $8,000?

Updates on EurGbp @ EURGBP-Erica Villalon




The bitcoin price could creep below the $8,000 level soon, according to Mati Greenspan of eToro.
The senior market analyst said in a tweet today that bitcoin is looking to test its 200-daily moving average, which reflects the benchmark cryptocurrencies average closing price average over the previous 200 days. At the time his analogy, the 200-daily MA was coinciding with $7,785, as shown in the chart below.

Greenspan reminded that the reason for bitcoin’s potential downside action is a prevailing bearish pattern. The descending triangle, as the analyst noted, has a strong tendency to break downwards. It means bitcoin could be retesting its interim support level of circa $9,300, only to extend its slide and set its primary downside target towards the 200-daily MA. Daily Thoughts  @ Erica Villalon Trading on Market Exchanges depending on what we are trading that day with volatility

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