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Bitcoin is under selling pressure!

Wednesday, January 10, 2018 7:26 AM GMT

Goodmorning!

As usually, following up our post, Bitcoin failed to hold the make or break zone and became bearish. It tried to reclaim the area without success, so the selling pressure was more intense. On the daily chart, BTCUSD is testing the support S1 (weekly pivots) for the second time. If price closes below it then we looking to the next support S2.

Daily

Heading to hourly TF, we have noted a potential bearish ABCD pattern. In addition, we have added the daily pivots that can be used as minor intraday supports. Bitcoin will negate the negative outlook if closes and confirms the make or break zone or at least the 200 SMA. If not, every setback can be considered as a selling opportunity.

Hourly

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