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Bitcoin plunged to 44,888 today after failing to stabilize above the Pivot Point (53,908) yesterday. Everyone's wondering how long the drop could be? Personally, I still believe that the decline could be only a temporary one if the price stays above the immediate, near-term uptrend line.
It's traded back at 49,519 level at the time of writing showing strong buyers and strong demand. It remains to see if the price stabilizes above the uptrend line which represents a potential buying signal after the amazing drop.
BTC/USD rebounded from above 150% Fibonacci line, 46,000 psychological level, and now it flirts with the $50,000 psychological level again. I've told you in my previous analyses that it could come back to pressure the black uptrend line after failing to stabilize above the second warning line (WL2).
A false breakdown through the uptrend line and below the 38.2% retracement level could add a buying opportunity. Technically, Bitcoin could register a larger drop if it closes and stabilizes below the uptrend line.
Only false breakdowns through the black uptrend line could represent a good buying opportunity. So, a major bullish engulfing here or a false breakdown with great separation, a pin bar, brings a bullish signal.
Bitcoin could resume its major uptrend if it comes back and stabilizes above 50,000 if the breakdown is invalidated.
On the other hand, closing and stabilizing below 50,000 and under the black uptrend line signals a further drop towards 41,986 - 40,000 area.
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