The downward momentum is occurring after a drab weekend that saw little to not upside action. Bitcoin , however, continuously returned against key resistance levels including $7,400 and $7,200.
The existing trend is while the is high. presence is apparent especially with the 50-day crossing under the 100-day on 10th Nov. Now the price testing the 50% Fibo at $7,275 of the last swing low at $6,618 to a swing high of $7,933.4. If we see sustainable move bellow it, the next target is $7,200/120 area where is 61.8% Fibo retracement.
On opposite side, the first resistance is reinforced by the 50-day on 4-hour chart around $7,400. Once it is broken, the $7,900 - 8,000 area will come into focus, where is located the middle line of H4 .
Take in mind also, that this month is special because, in the past, it has been the turn-around for long term down trending crypto markets.
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