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Bitcoin dropped after reaching the 24,280 level in yesterday's trading session. In the short term, it has retreated and it has retested the immediate downside obstacles, trying to accumulate more bullish energy. It was traded at 23,071 at the time of writing above 22,340 today's low'
BTC/USD dropped by 7.99% from yesterday's high to today's low. The sell-off forced the altcoin to drop as well. In the last 24 hours, BTC/USD is down by 2.29% but it's still up by 14.35% in the last 7 days.
I've told you in my previous analysis that BTC/USD could come back down in the short term if it invalidates its breakout above the channel's upside line. Now, it has found support on the 22,401 level and it tries to come back higher.
It challenges the weekly R2 (23,216) which stands as a static resistance. As long as it stays above 22,401, BTC/USD could try to approach 24,280 yesterday's high again.
A larger upside movement could be activated only by a new higher high, after making a valid breakout above the 24,280.
Dropping and stabilizing below 22,401 could signal more declines in the short term.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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