FX.co ★ Bitcoin targeting lower median line

Bitcoin crashed and now is trading at 20,025 at the time of writing. Technically, the crypto dropped as predicted. Personally, I've talked about this scenario in my previous analyses. BTC/USD is strongly bearish, so a further drop is natural, it could reach new lows soon.

Still, after its massive drop, we cannot exclude a minor rebound before extending its sell-off. BTC/USD dropped by 9.23% from yesterday's high of 21,824 to 19,810 today's low. The current sell-off forced the altcoins to fall as well.

BTC/USD Dropped As Expected!

From the technical point of view, BTC/USD registered an aggressive breakdown below the median line (ml) of the descending pitchfork confirming huge bearish pressure. You knew from yesterday's analysis that breaking below the median line activates more declines.

Bitcoin ignored the former lows activating a larger downside movement. The lower median line (lml) stands as a potential downside target.

BTC/USD Forecast!

The bearish closure below the median line (ml) was seen as a new selling opportunity. A larger downside movement could be activated after making a valid breakdown below the lower median line (lml).