Bitcoin dropped as low as 36,368.99 today, printing a new low. Now, it's trading at 36,674.21 at the time of writing. The bias is bearish in the short term, so a further drop is possible. BTC/USD dropped by 18.79% from 44,785.66 last week's high to today's low.
BTC/USD is down by 6.15% in the last 24 hours and by 15.63% in the last 7 days. Technically, the bias remains bearish as the last swing higher was only a temporary one. Temporary rebounds could bring new short opportunities.
BTC/USD Deeper Drop Activated!
Bitcoin dropped below 150% Fibonacci line which serves as a dynamic support. After dropping below the uptrend line, a deeper drop was natural and expected. Still, after the current sell-off, we cannot exclude a temporary rebound.
The weekly S1 of 35,967.21 stands as the first downside obstacle. The next downside target is represented by the descending pitchfork's upper median line (uml).
BTC/USD Outlook!
After its massive drop, it's risky to go short here as the crypto could come back higher. Personally, I'll wait for a temporary rebound (growth) which will bring new short opportunities. 32,950.72 lower low could be used as a downside target if the rate resumes its drop.
