Bitcoin accelerates its sell-off in the short term and now it could hit downside obstacles. It's located at 32,785 after failing to stabilize above the 34,000 psychological level. Still, the current decline could be only a temporary one.
BTC/USD could only test and retest the support levels before jumping higher again. It continues to move sideways, so we could still search and wait for fresh buying opportunities after ending its current drop.
BTC/USD Sell-Off
In the short term, the pressure is high, so we cannot exclude a potential further decline. It's almost to reach the S1 (32,481.86) and the 150% Fibonacci line. We have a confluence area at the intersection between these two downside obstacles.
Dropping and closing under these levels confirm a potential drop towards 30,066 static support. Techncially, it could rebound anytime from these support levels.
Forecast!
A false breakdown with great separation through the immediate support levels or a major bullish engulfing printed here could bring is a new long opportunity. Coming back above the weekly pivot point could be seen as a bullish sign as well.
