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Bitcoin (BTC/USD) is traded lower at 31,876 after failing to stabilize above the 34,000 psychological level. The price has shown overbought signs lately. That is why it could slip lower in the short term.
BTC/USD failed to come back towards the $41,986 all-time high signaling exhausted buyers and a potential corrective phase. The rate is in a corrective phase now, a further drop could be natural as long as BTC/USD is located deep in the seller's territory.
As you can see on the H4 chart, BTC/USD is traded below the black uptrend line after dropping from a triangle pattern. It rebounded in the short term. However, its failure to stabilize above the uptrend line or to reach the median line (ML) signals a deeper drop.
The price is traded back below the Pivot Point (32,948) signaling a further decline towards the S1 (28,045) level. The selling pressure remains high as long as the price stays below the PP and under the median line (ML).
The current drop below the PP (32,948) level represents a short signal. BTC/USD could approach and reach the lower median line (LML), S1 (28,045) in the short term.
It could still slide even if it comes back to retest the PP (32,948) level. A larger drop towards the major uptrend line will be activated by a valid breakdown through the $28,000 level.
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