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Bitcoin (BTC/USD) seems determined to drop after failing to make new highs or to approach the $42,000 all-time high. As you can see on the H4 chart, the price has fallen below the black uptrend line signaling a corrective, downside movement, after its amazing growth.
Dropping below the uptrend line indicates strong sellers in the short term, so the rate could plunge below the $30,000 psychological level.
Technically, the price drops within a down channel, so the near-term downside target is seen at the channel's downside line, support. Its failure to retest the channel's upside line announces high selling pressure.
Breaking through the uptrend line suggested a short-term selling opportunity. The channel's downside line and the $28,000 level could be used as targets.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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