Bitcoin price analysis: The king breaks down, takes the army along

BTC/USD breaks down on the short-term charts.
Long-term support looming large.

Manoj B Rawal Independent Analyst

Bitcoin, the uncrowned king of cryptocurrency world, has broken down of a critical support on the short term charts, taking all the other major cryptos with it in a journey to the south. All eyes now glued to the long-term support which is slightly below $7,000 mark.

BTC/USD, trading nearly 4 percent down on the day at $7,208, near the low point of the day. On the hourly chart, BTC has broken down of a critical support and has been going lower ever since breaking below, taking all the other majors along with it.

On the daily chart though, BTC is expected to hold on to the long-term support which has been holding on in the past and is expected to hold this time too - situated at $6,896 currently, slightly below the round figure psychological mark of $7,000.

BTC/USD hourly chart:

BTC/USD daily chart:

Author

Manoj B Rawal

Independent Analyst

Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.

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