FX.co ★ Bitcoin deeper drop signaled

BTC/USD is trading in the red at 38,583 at the time of writing. In the short term, it is moving somehow sideways, that's why we have to wait for a fresh trading opportunity. Technically, the price of bitcoin signaled strong downside pressure, so more declines are in cards.

In the last 24 hours, BTC/USD is down by 1.06%, but it's up by 1.30% in the last 7 days. The bias is bearish, so it's premature to talk about an upside reversal. Temporary rebounds could help the sellers to catch new bearish momentums.

BTC/USD Triangle Breakout!

BTC/USD failed to stay within the ascending pitchfork's body signaling that the crypto could come back down. After escaping from the pitchfork's body, the price dropped below the triangle's support as well. Now, it has increased a little trying to retest the broken downside obstacles.

In the short term, it could resume its sideways movement. The price of Bitcoin could extend its downside movement if it drops below the immediate low of 37,567.

BTC/USD Outlook!

Bitcoin stands below the weekly pivot point of 39,180. Dropping and closing below 37,567 immediate low could activate more declines towards 34,324 lower low.