Jul 29, 2019
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Bitcoin Eyeing Deep Downside Correction Below $7k: Analyst

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Bitcoin is one step away from testing $6,700 as support, according to prominent analyst DonAlt.

The crypto trader on Monday measured the current bitcoin bias on a three-day timeframe, believing it gave better clarity about the cryptocurrency’s expected price behavior. He noted that bitcoin earlier broke out of a 3-D pennant structure – which also appears like a descending triangle pattern – to the downside. The cryptocurrency’s inability to reenter the range, as shown in the chart below, increased its probability to extend its downward trend.

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