Most cryptocurrencies continued trading lower during the US session on July 31, following the bearish tone set earlier. At the time of writing, Bitcoin is fluctuating around the 100-day SMA, hovering slightly above $7,500.
Image by TradingView
The current declines should be seen as significant by short-term traders. The weekly range (July 24-31) is now broken, and a move lower seems very possible. Still, a lot of moving averages have converged below the current price, so trading is likely to be choppy.
It is worth pointing out the recent moves are not backed by a substantial increase in volumes. They have picked up slightly to the tune of $16 billion in the last 24 hours (from a consi...
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