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was likely to fall as low as the support level at $16,233 because we had both a valid long-term bearish trend and short-term bearish momentum that day.The price has been trading within a range for several weeks now, bordered by the upper range limit resistance at $16,949 and the key support level at $16,232.
As we have a long-term bearish trend in Bitcoin, a bearish rejection of that level, ideally combined with a simultaneous rejection of $17k, would likely be a powerful short trade entry signal.
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