Latest Bitcoin Sell-Off Prepares Launchpad Towards $15K; Here’s How

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Bitcoin underwent a sharp sell-off on Monday, two days after it reached a three-year high above $14,000. The benchmark cryptocurrency corrected downwards to hit $13,215. But it quickly recouped a portion of its losses minutes after touching the intraday low. Technically, the downside rejection appeared in the form of a long wick. Most traders agree that negative wicks point to a bullish reversal, especially as its bottom coincides with other support levels. On Monday, Bitcoin illustrated the said confluence, as shown in the chart below. Bitcoin bounces back after testing a Rising Trendline. Source: BTCUSD on TradingView.com The price fell atop a level that has lately become a point of reversal for traders – an accumulation zone after each sell-off since October 21. The same support allowed Bitcoin to limit its bearish bias against the mounting selling pressure by sending its price about $500 upward. Simultaneously, Bitcoin remained under downside…

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