Bitcoin sell-off accelerates again after the price's failure to stabilize above some important obstacles. The selling pressure is still high, that's why it's risky to buy it around these levels.
Personally, I'm still waiting for confirmation before really deciding to go long. Technically, a new decline was somehow expected. BTC/USD could drop to test and retest the immediate support levels before really developing a new leg higher.
BTC/USD Pressuring Dynamic Support!
BTC/USD drops after failing to stay above the major descending pitchfork's lower median line (LML) and beyond the weekly pivot point (37,147). Now is pressuring the minor descending pitchfork's median line (ml).
Dropping and stabilizing below it could signal a deeper decline. On the other hand, staying above the median line (ml) and coming back above the LML and above the pivot point (37,147) could signal a temporary growth.
Bitcoin Forecast!
The bias is bearish as long as BTC/USD stays under the weekly pivot and below the descending pitchfork's lower median line (LML). Closing and staying below the minor descending pitchfork's median line (ml) could signal a further decline towards the former lows.
A really strong upwards movement will be confirmed only if the rate increases and after making a new higher high, to jump above 40,900.
