Bitcoin Price Forecast: This sell-off looks like the real deal

Bitcoin trades over 6% lower on Thursday as another round of selling kicks in.
There has been an uptick in volume during this sell-off too.

BTC/USD 4-hour chart

The trendline that begins from the low of 3858.00 back on 13th March is now being tested once again. The 4-hour chart below shows the price has tested the uptrend at least three times and now we could possibly see a break.

This move lower over the last couple of sessions has been backed by some decent volume giving us clues that it could be the real deal. In the way of the potential down move is the 200 simple moving average (SMA). The SMA often provides some support when tested as you can see in mid-April.

The Relative Strength Index indicator is also looking slightly oversold so there could be a small pullback before the underlying trend continues. But the main thing is the fact that the chart has made a lower high pattern and a move down looks more likely.

In terms of potential targets, the area just above 8K looks strong and below that the purple 7.5K level could be the next target if the aforementioned 8K level breaks.

Additional levels

BTC/USD

Overview
Today last price	8991.42
Today Daily Change	-520.70
Today Daily Change %	-5.47
Today daily open	9512.12

Trends
Daily SMA20	9288.47
Daily SMA50	8049.22
Daily SMA100	7988.15
Daily SMA200	8056.43

Levels
Previous Daily High	9839.44
Previous Daily Low	9296.03
Previous Weekly High	9944.79
Previous Weekly Low	8105.58
Previous Monthly High	9476.83
Previous Monthly Low	6156.67
Daily Fibonacci 38.2%	9503.61
Daily Fibonacci 61.8%	9631.86
Daily Pivot Point S1	9258.95
Daily Pivot Point S2	9005.78
Daily Pivot Point S3	8715.54
Daily Pivot Point R1	9802.36
Daily Pivot Point R2	10092.61
Daily Pivot Point R3	10345.77

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