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  • BTC/USD is currently consolidating in a triangle formation.
  • The Elliott Oscillator has had five straight red sessions.

BTC/USD daily chart

BTC/USD daily chart

BTC/USD fell from $6,876.98 to $6,712.75 this Wednesday as it continues to consolidate in a triangle formation. The bearish price action dropped BTC/USD below the SMA 20 curve. The upward trending line needs to hold firm to inhibit further price drop. The MACD indicates decreasing bullish momentum, while the Elliott Oscillator has had five straight red sessions.

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