Bitcoin is resuming its slide after consolidating close to the top of the descending channel on the 1-hour time frame. Price broke below a short-term falling wedge previously highlighted, as well as the yearly lows to create new ones.
Price could be due to test the mid-channel area of interest on the descending channel around the $3,200 mark. Stronger selling pressure could take it down to the channel bottom at $2,500-2,750.
The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside.
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