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Transcript:
0:00:00 Bitcoin (BTC) Price Weakens Below $7,500: Uptrend Still Intact
0:00:06 This update is brought to you by "CoinCheckup News Updates" and was originally published on "NewsBTC".
0:00:12 Bitcoin price formed a double top pattern near $8,330 and declined sharply against the US Dollar.
0:00:20 The price broke the key supports near $8,000, $7,650 and $7,200 to test the $6,800 support area.
0:00:30 This week’s followed bullish trend line was breached with support at $7,850 on the hourly chart of the BTC/USD pair.
0:00:39 The price tested a crucial support area near $6,700-6,800 and bounced back above $7,100.
0:00:48 Bitcoin price started a major downside correction below $8,000 against the US Dollar.
0:00:54 BTC formed a double top pattern, but it is now trading close to a few crucial supports near $6,800.
0:01:02 Recently, bitcoin price made another attempt to climb above the $8,330 and $8,350 resistances against the US Dollar.
0:01:12 The BTC/USD pair failed to climb above $8,350 and formed a major double top pattern.
0:01:19 As a result, there was a sharp decline below the $8,000 support area.
0:01:24 Besides, there was a clear break below the $7,800 support area and the 100 hourly simple moving average.
0:01:31 More importantly, this week’s followed bullish trend line was breached with support at $7,850 on the hourly chart of the BTC/USD pair.
0:01:41 The pair declined more than 10% and broke the $7,450 and $7,000 support levels.
0:01:48 It spiked towards the $6,650 support area and formed a swing low at $6,645.
0:01:57 Recently, it recovered nicely above the $7,000 level and the 23.6% Fibonacci retracement level of the latest drop from the $8,048 high to $6,645 low.
0:02:10 The price is now trading above $7,200, but it is facing a strong resistance near $7,350 and $7,400.
0:02:20 Moreover, the 50% Fibonacci retracement level of the latest drop from the $8,048 high to $6,645 low is also acting as a barrier for the bulls.
0:02:31 If there is a successful close above $7,400, the price could rebound towards the $7,700 level.
0:02:40 Besides, it might test the 76.4% Fibonacci retracement level of the latest drop from the $8,048 high to $6,645 low.
0:02:50 Conversely, if the price fails to surpass the $7,400 resistance, it is likely to decline again.
0:02:58 An initial support is near $7,000, below which there is a risk of a sharp decline towards the $6,800 or $6,650 support zone.
0:03:08 Thanks for watching this video!
If you wanna read the whole article you can go to CoinCheckup.com or go to: "NewsBTC", who originally published this news update on their website.
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