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The price of bitcoin was in a corrective phase in the short term. It's traded at 40,168 at the time of writing and is fighting hard to rebound. Technically, the BTC/USD hovers right above a demand zone.
In the last 24 hours, BTC/USD is down by 2.28% and by 7.66% in the last 7 days. Bitcoin's drop forced the altcoins to drop as well. The price action signaled that the correction could be over.
As you can see on the H4 chart, BTC/USD found support on the median line (ML) of the descending pitchfork and on the 78.6% (39,862). Now, it challenges the downtrend line and the S1 (40,281).
Staying above the median line (ML) and making a valid breakout above the downtrend line may signal that downside movement ended and that BTC/USD could develop a bullish movement.
Technically, the down channel could represent a bullish pattern. Staying above the support zone, making a valid breakout above the downtrend line, and registering a strong consolidation could bring new long opportunities.
A potential upside movement could be invalidated by a new lower low, if the BTC/USD drops and closes below 39,218.
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