Today I'm posting this article from my Email alerts, the chart is just a simple "screen shot", so I'm sorry about the quality. Hopefully you can see point of the chart clearly. I thought this was interesting and worth sharing with the new CryptoCurrency Community.
All below Text and Chart Image Sourced [here]
News of legalization in S. Korea and the recent ban lift on cryptocurrencies by the Indian Supreme Court, are fundamental bullish signals on the crypto market – Bitcoin benefiting hugely. However, the technical charts do not paint such a rosy picture despite a 3% growth in the past day.
Looking at the 4-hour charts (above), the price of BTC looks set to dip back to sub-$9,000 levels after hitting a brick wall at the $9,200 resistance level. Failing to breach the lower wedge resistance at $9,160 USD further shows a possibility of a price correction towards key support at $8,950 USD, before beginning its journey back to $9,000 USD.
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