BTCUSD: 1H Channel Down, Rejection Zone and Target.

This is a very short term pattern that Bitcoin has formed since the big drop 2 days ago. 1H is on clear Lower Highs and Lower Lows having formed a Channel Down (RSI = 38.167, MACD = -99.200, Highs/Lows = -12.7476).

We are expecting the next rejection point to be within 8,265 (which is the previous 1H Support) and 8,400 (where the MA50 is applying pressure. Based on the STOCHRSI as seen on the chart and the distance of the Lower Lows we have calculated the next short term Sell Target at 7,600.






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