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Bitcoin Pullback Begins, Will BTC Drop to $6,000 This Time?

The long awaited crypto correction appears to have initialized today. After hitting resistance twice and failing to break it, Bitcoin has plunged back below $8k now as markets tumble. Analysts have been scanning the charts looking for support zones, and there are quite a few of them.


Bitcoin Slides 4 Percent


BTC has spent the past three days trading sideways at just below $8,000. Since its meteoric rally it has hit resistance at $8,300 twice and pulled back sharply twice. A weekend dump to $7k was quickly recovered but this time the decline looks more ominous.


During the morning’s Asian trading session Bitcoin fell 4 percent to an intraday low of $7,620. Unlike the previous minor correction when BTC dropped like a stone, this appears to be a more gradual descent which may continue until it finds support.


Crypto trader ‘The Cryptomist’ has been looking at the charts and has forewarned about this drop;


“Forewarned this drop earlier, and secured most of this month’s profits. I expect us to drop further and test support upon 7.4k region. 1D Rsi still needs to drop. If this support breaks, 6.8k is next regional support,”



$Btc


Forewarned this drop earlier, and secured most of this months profits.
I expect us to drop further and test support upon 7.4k region
1D Rsi still needs to drop
If this support breaks, 6.8k is next regional support


Trade safe loveys 
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