Ether Way
Intermediate
Daily Bits
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BTC’s failure to extend gains after reaching $41,000 have resulted in a downside correction. After dropping below the $40,000 pivot level, a local low was formed at around $37,400. BTC has struggled to stay above a key bullish trend line with support near $38,500. MACD trend line indicates that there is a short-term bearish momentum lurking. However, the Awesome Oscillator (AO) is converging to the zero-line, indicating that if BTC manages to establish a concrete support at around $39,000, it may charge forth to test the next resistance.