Bitcoin’s decline from 37936 continues and accelerates lower today. The rejections by both 4 hour 55 EMA and 55 H EMA affirm near term bearishness. We’re holding on to the view that corrective pattern from 41964 is still extending, with fall from 40000 as the third leg. Deeper decline remains expected as long as 35669 resistance holds holds, for 30635 support.
For now, we’d continue to expect strong support from around 30k handle to contain downside to complete the consolidation. But firm break of 30635 will target 61.8% retracement of 17629 to 41964 at 26924.
