There was much bullish movement on the market today. The price hit the resistance at 8897 USD and is currently correcting. Everything above 8398 USD would then be a higher low, which would break the series of lower highs and lower lows that has been established since Feb 26. A move above resistance level could trigger a bullish continuation to the top of the short-term downward channel. 9614 USD will act as key resistance.
Since the current consensus in the market aimed towards 8k there is still a high probability that BTC will stay inside the channel. Taking the drop of Feb24-26 in consideration, a similar drop from its fib .5 line would aim for the 8k - 7.8k area.
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BTC was rejected at the .618 fib line and eventually staying well below the 9000 USD level.
See my new post for more short term details
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New low at 8150 USD. I already bought the dip, but BTC is still not oversold on the daily. There might be some steam left.