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It didn’t take too long for the Bears to take advantage of the Lower High formation

As soon as BTC fell through the Trend-Line and dropped below the previous low around 55k, the Bears attacked.

On the way down BTC has ignored all the Support Levels and it didn’t stop until it has reached the 46K area. A strong bounce since has occurred pushing the price back towards 51k, but the Bulls could not reclaim this level as the price got rejected.

Currently, BTC is trapped between possible Support and Resistance. The Bulls will have to defend the Support Level around 48300$ because if it is lost then the sell-off can continue, especially if the price action creates a Bear-Flag.

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#crypto #cryptocurrency #trading #trade #btc

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