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Bitcoin analysis: 4 hour tf Live update

Previous Bitcoin analysis called for more downside if a break through the bottom of the channel did occur at ~$6,565.10.  

Technical analysis of Bitcoin, Bitcoin forecast and price prediction

The 4 hour timeframe bearish trendline (red color) should be taken note of, so that a close above previous support ($6885.70 and $6,565.10) and breakout above trendline can be used to possibly initiate long (buy) positions.

In the scenario above, entry into any long position would seek to target at least between $8362.20 and $8,656.90.

Meanwhile, $6,190.30 and $5839.30 marks support in this Bitcoin analysis, and a break below the lower boundary especially means more bearish move to the downside.

Overall, the current Bitcoin trend is bearish to sideways at best.

Interested in Litecoin (LTCUSD)? Check out our analysis here. Moreover, EURSGD chart analysis can be found here.

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