Bitcoin continues to drop as expected. It respects the Pitchfork downward channel nicely and it is doing good job towards the median. Since the key support cluster at $3.420 is broken and successfully retested, we expect downward continuation. I also found the successful breakout of the mini upward Pitchfork channel, which is another sign of the underlying weakness.The short-mid term trend is bearish and you should go with the direction of the overall trend.
R1: $3.520
R2: $3.610
R3: $3.680
Pivot: $3.446
S1: $3.358
S2: $3.283
S3: $3.195
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
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