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Bitcoin Retreats After Failing to Hold Above 17K

Last week, Bitcoin rallied from around 12.5K to over 17K over the weekend. However, after a double top around 17K, price has been retreating sharply.

BTC/USD 

  • In the 4H chart, price is falling back below the 200- 100- and 50-period simple moving averages.
  • Price is also breaking below a rising support. 
  • Furthermore, the RSI has fallen below 40, which indicates loss of bullish momentum.
  • This dip can extend to 13470, where we should monitor for support. 
  • If a subsequent rally fails to break above 16K, we should strap up for further correction.
  • Bitcoin is essentially in a consolidation mode, and should be considered Neutral-Bullish.
  • Price action might be bearish in the short-term, within the context of a consolidation or bearish correction.
  • But I would still consider Bitcoin bullish as long as it holds above 10K, which will be a key psychological pivot. 

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