The bulls may fiercely defend the $25,000 support in Bitcoin in the near term but given the reason for today's downturn, a quick turnaround is unlikely.
for the past few days. On the other hand, all the other major cohorts have been in a distribution phase.
There is a minor resistance at 4,325 where the bears will try to stall the rally. On the way down, if bulls do not allow the price to slide below 4,200, it will enhance the prospects of an up-move to the 4,500 to 4,600 zone. If the price turns down from 106 and breaks below the 20-day EMA, it will suggest that the index may extend its stay inside the range for a few more days. The bears will have to pull the price below 100.82 to complete the bearish head and shoulders pattern.Bitcoin has been trading inside the descending channel pattern for the past several days. The bulls pushed Bitcoin above the 20-day EMA on June 4 but the long wick on the candlestick shows that the bears sold the rally.
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