Bitcoin has been trading sideways at around $3,411. Our bearish view from yesterday is still active. Since the key support cluster at $3,420 is broken and was successfully retested, we expect downward continuation. I also found a successful breakout of the most recent mini upward Pitchfork channel, which is another sign of underlying weakness. Short-term resistance is set at the price of $3,452 and short-term support at $3,324.
R1: $3.457
R2: $3.504
R3: $3.535
Pivot: $3.425
S1: $3.378
S2: $3.347
S3: $3.300
Trading recommendation: We are still short BTC/USD from $3,392 and with the target at $3,107. Protective stop is placed at the price of $3,550
