The price of Bitcoin extended its sell-off and now is trading at 21,472 at the time of writing. The bias remained bearish, so a deeper drop is natural. You knew from my previous analyses that BTC/USD could approach and reach new lows.
In the last 24 hours, BTC/USD is down by 2.83% and by 7.58% in the last 7 days. Bitcoin's sell-off forced the crypto market to crash in the short term.
BTC/USD Challenges The Dynamic Support!
As you can see on the H4 chart, the rate escaped from that extended range. Personally, I talked about that pattern yesterday. I've told you that taking out the 22,000 psychological level activates more declines.
Now, it challenges the S1 (21,622) and the median line (ml) of the descending pitchfork which stands as a dynamic support.
BTC/USD Outlook!Closing and stabilizing below the median line (ml) validates the breakdown and is seen as a downside continuation signal. Breaking and closing below the 22,000 psychological level represented a selling opportunity.