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Looks like BTC did get Rejected from the 0.618 Fib Level on the way back up

Soon after, the Bulls could not flip the Resistance Level at 57500$ into Support as the price dropped below it and started to accelerate downward.

So far this looks more like a controlled correction and not a sell-off as the volume remained low during the entire move. The Bulls need to maintain the short-term bullish structure by not allowing the price to slip down below the previous Low around the 52800$ area.

There could be a potential Support Level near 55500$. Let’s see if the Bulls make use of it.

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#crypto #cryptocurrency #trading #trade #btc

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