FX.co ★ Bitcoin challenges 15,632 key support

The price of Bitcoin dropped to 15,809 by the time of writing. It shed 6.83% from 16,730 yesterday's low to 15,588 today's low. As you already know from my analysis, the bias remains bearish.

In the last 24 hours, BTC/USD is down by 4.47% and by 3.27% in the last 7 days. Bitcoin's deeper drop should force the altcoins to decline lower as well.

BTC/USD triangle pattern

BTC/USD failed to make a new higher high, signaling strong downside pressure. At the time of writing, it was challenging the S1 (15,650) and the 15,632 former low. As you can see, the price action developed a triangle pattern.

Escaping from this pattern could bring new trading opportunities. After its strong drop, we cannot exclude a minor rebound.

BTC/USD outlook

Dropping, closing, and stabilizing below 15,632 activates more declines. This is seen as a selling opportunity.