Looking at a four-hour bar chart, we can see that BTCUSD is now at the bottom end of its recent range near 9700.

So, while some this breakdown does not bode well for BTCUSD based on the triangle formation we drew on the Bitcoin daily chart (not shown), we have to remind ourselves not to give up and get too bearish at the bottom end of a simple trading range.

Bottom Line: This decline is disappointing. However, that is what usually happens at the bottom end of a range. People throw in the towel and get stopped out, only to see one of two things. Either BTCUSD can hold and go back to the top of the range or breakout. The other scenario is that BTCUSD cracks the bottom of the range, and we see 7k.

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