FX.co ★ Bitcoin still in range

Bitcoin continues to move sideways in the short term. Most likely, the rate could extend its range. It was trading at the 19,130 level at the time of writing and it seems undecided. BTC/USD dropped by 7.89% from last week's high of 20,469 to 18,853 today's low.

In the last 24 hours, BTC/USD is down by 1.00% and by 4.54% in the last 7 days. After its strong drop, the crypto could try to rebound.

BTC/USD Above Support Area!

BTC/USD found resistance at 20,381 and now it has dropped. The 18,540 - 18,271 area stands as major support. After its aggressive breakout through the downtrend line, a temporary retreat was somehow expected.

The weekly S1 (18,790) stands as the near-term support. Technically, the current drop could represent a flag pattern that could announce a bullish momentum.

BTC/USD Forecast!

Testing and retesting the support levels and registering false breakdowns may signal new bullish momentum. Escaping from the current range could bring new opportunities. A great long opportunity could appear only after making a new higher high, after jumping and stabilizing above 20,381.

A new lower low may signal more declines. Breaking below 17,592 activates a downside continuation.