If bitcoin doesn’t hold this key level, a ‘collapse’ could be imminent: Technician

Bitcoin investors may also need to bind themselves to a big drop in cryptocurrency.

In the past week, Bitcoin has fallen 9 percent and has returned in the middle of $ 7,000. On Thursday, cryptocurrency was trading at around $ 7,500, according to Robert Sluymer, head of technical strategy in Fundstrat, there is an important level that needs to be organized.

Sluymer refers specifically to the intraday chart of Bitcoin, which shows that cryptocurrency returned to a key support level in June and again in mid-July. Not only this, but the sluymer also states that the Bitcoin Relative Strength Index (RSI) indicates that it is now “too oversold”, which can prove to be a buying opportunity for cryptocurrency, but investors need to be careful.

He said, “I am thinking here that this is where it is going to get to sick, this is where you can put a long trade.” “But it should be done with a very tight stop because if the bitcoin cannot dig here, then the short-term trend, and I think it will fall in the $ 6,000 range this week. “

This means that bitcoin should fall below $ 7,400, the sluymer sees potential plunge till mid-July.

A week ago, Bitcoin had initially rejected the Securities and Exchange Commission through $ 8,000 that Bitcoin ETF had bowed down again to Cryptocurrency earlier.

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