BTC/USD Flag Pattern intact

Bitcoin has changed little in the short term. It was traded at 21,421 at the time of writing and it seems exhausted. Technically, BTC/USD rebounded after its massive drop. Still, this could be only temporary.

In the last 24 hours, BTC/USD has declined by 0.48% and by 6.13%. The pressure remains high in the short term but a deeper drop needs strong confirmation.

BTC/USD has managed to jump above the downtrend line signaling a larger rebound. Still, as long as it stays within the upward channel pattern, the crypto could extend its downside movement.

The 21,892 level represents the immediate resistance level. Only a valid breakout above this level could activate further growth.

Staying below 21,892 and dropping below 20,700 could activate a larger downside movement and could bring new short opportunities.