Bitcoin is strongly bearish after failing to extend its growth. Now, it is located at 26,747 at the time of writing. The current sell-off forced the altcoins to drop as well. It has dropped by 6.52% from last week's high of 28,592 to 26,727 today's low.
In the last 24 hours, BTC/USD is down by 2.77% and by 2.81% in the last 7 days. A deeper drop should drag the altcoins to new lows.
BTC/USD Sell-Off!Technically, BTC/USD dropped below the ascending pitchfork's lower median line (lml) and below the triangle's support of 27,170 signaling that the swing higher ended and that the sellers could take the lead again.
As you can see on the H4 chart, the rate retested the broken support levels, confirming the breakdown.
BTC/USD Outlook!Retesting 27,170 and dropping below the former low of 26,978 signaled more declines. This was seen as a bearish signal.