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Bitcoin bounces towards $39,000 but remains vulnerable to another sell off.

Bitcoin is trading above $38,000 approaching the resistance by the upper channel boundary. Price remains inside the bearish channel from its all time highs. We continue to consider this bounce as a counter trend move as we believe the most probable scenario is for price to make at least one more new lower low.

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Red rectangle- horizontal resistance

Blue lines - bearish channel

As long as Bitcoin is below the red rectangle horizontal resistance, we remain short-term bearish. Bulls will need to break above $41,000 in order to reclaim control of the short-term trend. Price is now challenging key short-term resistance. I believe the most probable scenario is for price to get rejected and make new lower lows. Our view remains bearish.


Trading analysis offered by Complex Trader - a RobotFX partner.
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