Community responds to dip in market as Bitcoin holds $7,500

10 Jun, 2019
by David Borman
Price Analysis
Community responds to dip in market as Bitcoin holds $7,500

Today saw a pretty significant dip across almost all of the market. While the price of Bitcoin seems to have held above $7,500 for now, many online are noting that a drop below could take us to $7,000. Others are expecting a bounce to come, but it isunclear how soon.

Trader Nick Cote pointed out that if we break key support at this level then he feels that a major drop to under $7,000 is plausible:

In a similar vein, Cote discussed how Ethereum would likely bounce back up, unless $235 becomes resistance:

Also, the trader who goes by "TEDDY" noted that given the current setup, it doesn't look great but trader's should have a plan for either move:

Analyst "Satoshi Flipper" pointed out that support/resistance levels become weaker the more they are tested:

Lastly, "Crypto Michaël‏" noted that too many people are focusing on going long as Bitcoin drops to $6,000, but he doesn't believe this will happen:

Though opinions are mixed, most seem to be cautious given the current market conditions. Will we be heading up or down? Stick with Chepicap for all updates!

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