FX.co ★ BTC/USD: bearish pattern violated

The price of Bitcoin dropped a little in the last hours and now is located at 16,635. BTC/USD dropped by 1.00% from yesterday's high of 16,782 to 16,614 today's low. As you already know from my analyses, the bias remains bearish despite temporary rebounds.

BTC/USD is down by 0.62% in the last hour, by 0.49% in the last 24 hours, and by 1.01% in the last 7 days. Technically, we still need confirmation before going short.

BTC/USD Challenges 16,618!

Bitcoin found resistance at 16,782 and now it has dropped below the uptrend line. The 16,618 former low represents a downside obstacle.

After its current drop, the crypto could try to come back to test and retest the broken uptrend line before dropping again.

BTC/USD Forecast!

Staying below the uptrend line and under 16,782 and making a valid breakdown below 16,618 activates a deeper drop. This is seen as a selling opportunity as well.