Bitcoin slipped lower after failing to stabilize above the 40,000 psychological level. It's trading at 37,709 level but the downside seems limited. It could turn to the upside anytime again.
Technically, BTC/USD could test and retest the near-term support levels before resuming its upwards movement. In the short term, the pressure remains high, so we need a bullish sign before going long.
BTC/USD moves sideways and it could retest the broken downtrend line before deciding direction. A temporary decline was somehow expected after the aggressive breakout through the descending pitchfork's upper median line (uml).
It could move sideways in the coming period. Personally, I believe that only an upside breakout above 43,016 could really validate an important leg higher.
Coming back and stabilizing above 40,000 could signal an upside breakout above the first warning line (WL1) as well.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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