Hello and welcome to Kavin's BTC update.
Just a short one, I've highlighted the two CRITICAL points on the chart above. BTC prices just experienced a huge dump from 7700 to 7300, after news of the US Justice Department investigating market manipulation of BTC. This does not fundamentally change crypto nor BTC, and I believe the effects of this FUD will be short lived.
The strong long term support line managed to put a stop to this dump (hopefully it holds). At 7300, This is a good buy-in level for the long term & intra-day swing trading.
Alternatively, If BTC continues to dump, the next critical support line will be at the psychological level of 7000.
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The long term price prediction of Bitcoin and the entire crypto market is looking very red for at-least the next few weeks. The daily chart presents a high level of bearish momentum, I believe we will continue this bearish move until we reach atleast the $7,000 level for price thinks about stalling.
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