FX.co ★ Is Bitcoin Rally Over?

Bitcoin (BTC/USD) seems determined to drop after failing to make new highs or to approach the $42,000 all-time high. As you can see on the H4 chart, the price has fallen below the black uptrend line signaling a corrective, downside movement, after its amazing growth.

Dropping below the uptrend line indicates strong sellers in the short term, so the rate could plunge below the $30,000 psychological level.

Technically, the price drops within a down channel, so the near-term downside target is seen at the channel's downside line, support. Its failure to retest the channel's upside line announces high selling pressure.

Trading Conclusion!

Breaking through the uptrend line suggested a short-term selling opportunity. The channel's downside line and the $28,000 level could be used as targets.