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BTC/USD dropped in the short term and now it retests the near-term downside obstacles. As you already know from my analyses, Bitcoin maintains a bearish bias despite temporary rebounds. It could drop towards new lows anytime.
BTC/USD dropped by 5.67% from today's high of 20,440 to 19,281 daily low. In the last 24 hours, Bitcoin is down by 0.90% and by 5.53% in the last 7 days. In the short term, it is moving somehow sideways, that's why we'll have to wait for a fresh opportunity.
As you can see on the H4 chart, the cryptocurrency escaped from the descending pitchfork's body but it has failed to make a new higher high signaling strong sellers. Still, as long as it stays above the lower median line (LML) of the ascending pitchfork, the bias remains bullish.
This line represents strong dynamic support, the rate was rejected by this obstacle. Technically, we have a confluence area at the intersection between the lower median line (LML) with the upper median line (uml).
False breakdowns below the confluence area, through the lower median line (LML) could announce a new bullish momentum. Also, a new higher high could activate a larger growth.
With a valid breakdown through the confluence area, a new lower low could activate more declines.
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