• Bitcoin is again attempting a recovery from the 30-day moving average, currently at $7,710. The key average has consistently reversed price pullbacks in the last four months.
• This time, BTC is more likely to end up creating a bearish lower high (shallow bounce) or may find acceptance below the average in the next day or two, as both the daily and weekly technical indicators are calling a deeper price pullback.
• A UTC close below the 30-day MA would open the doors to $7,000.
• If the ongoing recovery from the MA ends with a UTC close above $8,103 (today’s high), BTC may rise to $8,500 in the next couple of days.

Bitcoin’s (BTC) price pullback seems to have stalled near historically strong support, but a bounce, if any, could be shallow.

The cryptocurrency market leader dived below $8,000 in the Asian trading hours today and almost tested the crucial 30-day moving average (MA) support, currently at $7,707, according to Bitstamp data.

https://www.coindesk.com/long-term-support-level-may-struggle-to-revive-bitcoin-price-rally