About 1 week ago #Bitcoin got rejected at the daily 200 SMA and has now fallen below the 350 SMA which means that Bitcoin was too weak to break out.
#BTC price will drop into the support zone which is between $40888 – $37497 and will go range bound in this zone for several weeks I think.
BTC should not retrace much below the 0.618 Fib retracement (~$38780), because in this case it will create lower lows and break the small upwards trend we are currently in since January 22nd!
Furthermore, on the 5-day chart (not shown on the chart) we can see a big warning signal, because the Gaussian Channel has changed from green to red which is very rare and a quite bad sign for Bitcoin!
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