Good morning traders, we're currently looking at a breakdown of the uptrend channels on BTC. Currently the 200 EMA is acting as support and the price bounced off it very quickly, I'll be looking for more re-tests of this in the coming hours, if the 200 EMA support breaks we could be looking at a retrace down to 0.5 fib area.
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Important to note we are extremely oversold, we could have a bounce here, but I do not expect to break resistance, I'll be watching closely for further downside movement