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Bitcoin is stabilizing but could still fall 24% if it breaks below this key support level, technical analyst says

From markets.businessinsider.com

Bitcoin's 30% price decline over the past month has brought a swift bear market for the cryptocurrency, but prices are beginning to stabilize, according to technical analyst Katie Stockton of Fairlead Strategies. Stockton said in a Monday note that short-term momentum for bitcoin has neutralized after being bearish for a number of weeks. That's a good sign for crypto bulls as bitcoin consolidates above its initial support level of $44,200, which represents a 61.8% Fibonacci retracement level. "An improved daily [moving average convergence divergence] and short-term oversold conditions suggest bitcoin could see ... (full story)

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  • Category: Technical Analysis