Bitcoin, Litecoin Back in a Bear MarketBoth bitcoin and litecoin are back in a bear market on the daily charts. One bitcoin is selling for $8,722 dollars right now while LTC is quoted at $145,66 dollars per coin.
Bitcoin Back in a DowntrendAs noted in our previous article, BTC/USD is now back in a bear market. Last week we saw a drop of over $1,000 dollars during which a low of $8,202 was hit. From here we got somewhat of a dead-cat bounce, helped by the Consensus conference.
But with the event already underway and technicals turning bearish, speculators could start to ‘sell the news’. Weak support on the way down can be found at the $8,202 swing low, followed by the $8,000 round figure. Further down we have more support at $7,821, another notable swing low. A strong support area below can be found in the $6,420 to $6,600 dollars range. This is where we bottomed out during the last selloff. A decisive break below here could open the door for a break of this year’s low at $5,980 dollars.
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