The price of Bitcoin rebounded and recovered after its amazing drop. It's trading at the 35,950.58 level above 32,967.93 today's low and below 38,050 daily high. Technically, the current bounce back could be only a temporary one as the pressure remains high.
In the last 24 hours, BTC/USD is up by 2.87% but it's down by 14.84% in the last 7 days. Bitcoin is in a strong corrective phase. Only a major bullish reversal pattern could announce that the crypto could start developing a new swing higher.
BTC/USD False Breakout With Great Separation!
BTC/USD is fighting hard to recover after today's drop. Technically, the false breakout with great separation above the weekly pivot point (37,926.58) and above the median line (ml) of the descending pitchfork signaled strong sellers around these upside obstacles.
Staying below the median line (ml) may signal potential downside continuation. Also, a temporary sideways movement could represent a distribution. In the short term, a temporary growth was somehow expected after the aggressive drop.
BTC/USD Forecast!
Today's high of 38,050 represents an upside obstacle. As long as it's traded below this level, Bitcoin could drop deeper. A temporary retreat or a sideways movement could help the sellers to catch a new downside movement. In my opinion, only stabilizing above the median line (ml) and a new higher high could signal that the downside movement ended.
Coming back and stabilizing below the median line (ml) could be seen as a selling opportunity with a potential downside target around the 30,000 psychological level.
