Bitcoin was trading in the red at 22,329 at the time of writing. BTC/USD rebounded after reaching 20,816 today's low. It has dropped by 35.70% from the May 31 high of 32,375 to today's low.
Bitcoin is down by 4.45% in the last 24 hours and by 25.00% in the last 7 days. Its massive drop forced the altcoins to drop as well. Technically, the BTC/USD could register temporary rebounds before resuming its drop.
BTC/USD may decline deeperFailing to stay above 28,800 and 28,561 activated a larger drop. It ignored the lower median line (LML) and the 150% Fibonacci line which represented downside obstacles. It rebounded, trying to retest the 150% line.
Technically, the bias remains bearish as long as it stays under the lower median line (LML). After its massive drop, BTC/USD could retest the broken support levels before resuming its sell-off.
BTC/USD ForecastBTC/USD rebounded but it has found resistance at the weekly S2 (23.036). Now, it challenges the 150% Fibonacci line again.
Stabilizing below the 150% line may signal more declines. The 19,666 (December 17, 2012) key level is seen as a major downside target and obstacle.