09.02.202315:24 Forex Analysis & Reviews: Bitcoin breaks below short-term support.

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Blue lines- bearish RSI divergence

Green line- support trend line

Bitcoin is trading around $22,700. Bitcoin made a move lower towards $22,300 earlier breaking below the short-term support trend line and providing a new sign of weakness. Bitcoin has now started a new sequence of lower lows and lower highs. The bearish RSI warning now is combined with a lower low and lower high. Bitcoin is vulnerable to a move lower towards $20,000 and maybe lower. Resistance is at $23,450. As long as price is below this level, short-term trend remains bearish.

Alexandros Yfantis
Analytical expert of InstaForex
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