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Bitcoin (BTC/USD) Looks Bearish After Rejection at $10500

Bitcoin (BTCUSD) is likely to continue its retreat after sellers put in resistance around $10,500. 

BTC/USD 4H Chart

  • We noted a bearish outlook when price retreated from a falling resistance around $11,500. Although price extended above a little bit, it retreated sharply back down.
  • The 4H chart shows that BTC/USD has broken below a rising channel.
  • Then, after finding support at $9,600, BTCUSD rallied only to find resistance at a key pivot: $10,500.
  • The failure to push above shows that bears are in charge.
  • Price is now pushing back at $9600.
  • I would not rely on this support other than in the near-term.
  • I think it will eventually break over the weekend, and price will be pushing towards$8800-$9000. 

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