Published On: Wed, Jun 13th, 2018

Bitcoin (BTC) Price Watch: Next Targets if $6,500 Breaks

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Bitcoin Price Key Highlights
Bitcoin is down to a major support zone visible on the long-term chart and a breakdown could lead to a test of $4,000.
If bears still take price below the next long-term bottom, a move towards $2,000 could come next.
On the other hand, a bounce off this strong floor could allow more buyers to sustain a climb.
Bitcoin is down to the major support zone around $6,500 and might aim for the next floors on a break lower.
Technical Indicators Signals
The 100 SMA is below the longer-term 200 SMA on this time frame to confirm that the path of least resistance is to the downside. This suggests that the selloff is more likely to happen than a move higher.
Price appears ready to bust through $6,500 and might make it all the way down to the next visible area of interest at $4,000. A break below this could pave the way for a move back to $2,000.
On the other hand, a bounce could lead to a pullback to the 100 SMA dynamic inflection point. Stronger bullish pressure could take bitcoin up to the 200 SMA dynamic resistance at $10,000 next. The gap between the moving averages is widening, though, so selling momentum is picking …

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