Bitcoin (BTCUSD) has been trading within a Channel Down since the March 17 local High and only a week ago it formed a 4H Death Cross. The last time this formation emerged was on January 25, during BTC's previous Channel Down that led to a sharp decline, the Bear Cycle's 2nd Bearish Leg.
As a result, it is highly likely to see BTC drop to the 1.5 and 2.0 Fibonacci extensions shortly, as long as the Death Cross holds. Based on that, the immediate short-term Target is $55550.
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