Bitcoin (BTC) Price Analysis: Another Bearish Break!

Bitcoin recently formed higher lows and found resistance at $6,600 to create an ascending triangle before breaking down. This signals that a downtrend is underway, likely the same height of the formation that spans $800.

The 100 SMA is still above the longer-term 200 SMA, though, so the path of least resistance is to the upside. This suggests that the breakdown could still prove to be a fakeout and bitcoin might still be able to climb back inside the triangle. Then again, price has fallen...

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