FX.co ★ Bitcoin: further upside invalidated

The price of Bitcoin crashed after reaching 32,375 and after failing to stabilize above the 32,000 psychological level. It was trading at 30,093 at the time of writing. Unfortunately, the price action invalidated further growth, so we'll have to wait for fresh trading opportunities.

BTC/USD dropped by 7.74% from today's high of 32,375 to 29,869 today's low. The current sell-off forced the altcoins to drop as well. Technically, the crypto is still in the buyers' territory, so a new upside momentum is possible.

BTC/USD Massive Drop!

BTC/USD found resistance at the weekly R2 (31,984) and now it could approach and reach the triangle's resistance and the uptrend line. The price of bitcoin could start increasing again as long as it stays above the uptrend line.

Only a valid breakdown below the uptrend line and through the 28,800 - 28,561 area could invalidate the upside scenario and could open the door for a deeper drop.

BTC/USD Forecast!

Bitcoin could come back higher after testing and retesting the uptrend line and the triangle's resistance. False breakdowns or a temporary consolidation above the immediate downside obsatcles could bring a new bullish momentum.