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Bitcoin sell-off continues after taking out a major support zone. The price has dropped as much as 38,500.00 today registering a fresh lower low. The pressure is high, so the price could extend its sell-off anytime even if it trades higher at 39,633.77 at the time of writing.
Technically, the price of Bitcoin has reached dynamic support, it remains to see how it will react in the upcoming 2 or 3 days. Being rejected from this downside obstacle could signal a new leg higher.
Still, it is premature to talk about such a development as long as the price is located deep in the seller's territory.
BTC/USD ignored the 41,986.37 - 43,016.00 support area and now is pressuring the lower median line (lml) of the descending pitchfork. Is traded also below the S1 (40,305.69) signaling strong sellers.
Registering a false breakdown with great separation below the lower median line (lml) followed by a come back above the S1 could represent the first signal that Bitcoin's decline could end.
Dropping and stabilizing below the lower median line (lml) and under the 38,500 low validates a broader drop towards 34,193.
Bitcoin could give birth to a new swing higher only if it stays above the lower median line (lml) and beyond the 40,000 psychological level.
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