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Bitcoin has found acceptance under the three-day chart's 200-period average for the first time in seven months. The breakdown may attract stronger selling pressure, yielding a slide below the November low of $6,500. A minor bounce to $6,800 may be seen before a deeper slide, with the intraday charts reporting oversold conditions. A UTC close above the Nov. 29 high of $7,870 is needed to confirm a short-term bullish reversal. Bitcoin risks dropping to seven-month lows below $6,500, having found acceptance under a key long-term price support. The top cryptocurrency by market value fell by 6.33 percent in the three days to Dec. 17 (data from Bitstamp), erasing almost the entire corrective bounce from $6,500 to $7,870 witnessed in the last week of November. More importantly, the three-day candle, representing the price action for Dec. 15-17, closed below the 200-period moving average (MA) – a level considered a barometer of the long-term market trend. That's the first time the 200 MA has been breached since May. Bitcoin now faces stronger selling pressure and could see a drop below the November low of $6,511. At press time, bitcoin is changing hands at $6,640 on Bitstamp, representing a 3 percent decline on a 24-hour basis. The three-day 200-period MA is lined up at $6,948. good vip

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