The writer's opinion presented in the following information should not be taken as financial, investment, trading, or any other type of advice. Bitcoin's price action at the range lows over the past week indicated that buyer conviction was decreasing, and there is a possibility of a downward move, especially if the stock markets take a hit on Wednesday. The inability of the bulls to force a rally back toward the range highs over the past week meant that seller conviction has steadily risen, and the bears are now in a dominant position. Traders can wait for a bounce in prices before looking to short BTC, but the 4-hour and daily charts support a bearish outlook, and the next support levels for Bitcoin are at $28.5k and $27.3k.
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