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Bitcoin - is the correction over?

Bitcoin was trading at 48,891.66 at the time of writing. It seemed undecided after registering an amazing sell-off in the previous days. In the short term, the bias remains bearish. It's located below major upside obstacles, so it could drop anytime.

BTC/USD registered a 27.21% drop from 57,652 Friday's high to 41,967.50 Saturday's low. In the short term, Bitcoin tries to recover but the 49,777.62 level stopped the bullish momentum. In the last 24 hours, the crypto is down only by 0.28%.

BTC/USD massive drop

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As you already know from my analysis, BTC/USD activated a downside movement after dropping below 55,918.80 static support. I've also told you that dropping and closing below 53,524.03 could open the door for a larger downside movement.

BTC/USD registered a false breakdown with great separation below the Descending Pitchfork's lower median line (lml) and under 88.6% signaling that the downside movement could be over.

Bitcoin prediction

As long as it stays below 50,226.31 weekly pivot point and under the Descending Pitchfork's median line (ml), BTC/USD could drop again. Registering only false breakouts through these upside obstacles could signal new bearish momentum.

Only jumping, closing, and stabilizing above the pivot point, above the median line (ml), and above the 50,000 psychological level could signal a strong upwards movement.

The material has been provided by InstaForex Company - www.instaforex.com

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