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Bitcoin Poised For Short Term ‘Sell’ as Buyers Take Last Stand at $6,550

Bitcoin is currently consolidating above the $6,760 low against the US Dollar. BTC price could correct higher, but upsides are likely to face hurdles near $6,955 or $7,030.

 ▪ Bitcoin is showing signs of an upside correction from the $6,761 low against the US Dollar.
 ▪ A few key hurdles are forming on the upside near the $6,955 and $7,030 levels.
 ▪ There is a major bearish trend line forming with resistance near $7,030 on the hourly chart of the BTC/USD pair (data feed from Kraken).
 ▪ The pair could continue lower towards the $6,550 support area, where the bulls are likely to emerge.

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