FX.co ★ Bitcoin 12.11% sell-off, more declines to follow

Bitcoin failed to stabilize in the buyer's territory and now it has registered a strong sell-off. BTC/USD crashed and now is traded at 39,141 at the time of writing far below 43,518 yesterday's high. The crypto registered a 12.11% drop from yesterday's high to 38,250 today's low.

The current massive drop forced the altcoins to drop as well. At the time of writing, the crypto tries to rebound and recover, but the bearish pressure remains high. Technically, it seems that the sell-off is far from being over.

BTC/USD Upside Invalidated!

As you can see on the H4 chart, BTC/USD failed to stabilize above 42,745.20 - 41,967.50 resistance zone. You knew from my previous analyses that Bitcoin is still bearish as long as it stays under the descending pitchfork's upper median line (uml).

The price ignored the 39,558.70 former low. In the short term, it could test and retest it. Staying below it could signal potential further drop towards the median line (ml).

BTC/USD Forecast!

As long as it stays below 39,558.70, it could drop deeper. Technically, after its failure to reach and retest the descending pitchfork's upper median line (uml), BTC/USD could be attracted by the median line (ml).

A temporary sideways movement below 39,558.70, a minor distribution, could bring new short opportunities. Only a major reversal pattern could announce a new leg higher.