FX.co ★ Bitcoin attracts more sellers

Bitcoin crashed in the short term and now is trading at 27,322 at the time of writing. After its massive drop, it has tried to rebound but the downside pressure remains. In the short term, the crypto could try to test and retest the near-term resistance levels.

In the last 24 hours, BTC/USD is down by 0.44% and by 7.25% in the last 7 days. The current sell-off forced the altcoins to drop as well.

BTC/USD Bearish!

As you can see on the H4 chart, the crypto ignored 27,723 and the median line (ml) of the ascending pitchfork signaling more declines. Still, after its sell-off, the rate could try to challenge the median line (ml).

False breakouts through the resistance levels may announce a new downside momentum. The current sideways movement could represent a bearish pattern.

BTC/USD Forecast!

A valid breakdown below 27,140 activates more declines and brings new short opportunities.