FX.co ★ Bitcoin to exit its range soon

Bitcoin is moving sideways between 28,460 and 26,700 levels in the short term. It seems undecided, so we'll have to wait for a fresh trading opportunity. Technically, the price action signaled exhausted buyers, but a downside continuation needs confirmation.

In the last 24 hours, BTC/USD is down by 2.73% and by 4.46% in the last 7 days. The retreat forced the altcoin to drop a little as well.

BTC/USD Natural Retreat!

As you can see on the h1 chart, the cryptocurrency moves sideways after registering only false breakouts through the upper median line (uml). Also, the false breakouts above 28,460 signaled exhausted buyers and announced a potential downside movement.

Now, it has found support on 26,700 again and on the weekly S1 (26,668). Escaping from the current range should bring us new opportunities.

BTC/USD Outlook!

BTC/USD activates a deeper drop after making a new lower low. A bearish closure below 26,700 is seen as a short opportunity.