Bitcoin plunged again after failing to validate further growth. Actually, a potential decline was somehow expected as the pressure is high. The price moved sideways in the short term failing to make a new higher high which would have announced a new leg higher.
The price of bitcoin could move down trying to recapture more bullish energy before jumping higher. In the short term, BTC/USD could resume its drop, but I believe that the sell-off could end soon. The altcoins could drop as well if the price of bitcoin resumes its decline.
BTC/USD Sell-Off!
BTC/USD failed to stabilize above the lower median line (LML) signaling that the pressure is high. It has dropped below the minor uptrend line after retesting the weekly pivot point (36,471.61).
Now is located below the S1 (33,510.36) level indicating that it could drop deeper towards the S2 (31,198). The descending pitchfork's median line (ml) is seen as support as well. Also, the 30,000 could be used as a downside obstacle.
Bitcoin Forecast!
Dropping below the uptrend line and stabilizing under the S1 signals a further decline. The current decline could help us to catch a new upside movement from around the immediate support levels.
