Bitcoin plunged after failing to stabilize above the 40,000 psychological level. Now, it's trading at 36,238 level at the time of writing. BTC/USD registered an 11.94% drop from Wednesday's high of 40,050 to 35,268 today's low.
In the last 24 hours, the price of bitcoin is down by 3.05% and by 6.96 in the last 7 days. The current sell-off forced the altcoins to drop as well. BTC/USD's deeper drop could is favored after ignoring strong downside obstacles.
BTC/USD More Declines Activated!
As you can see on the H4 chart, the crypto found resistance at the inside sliding line (SL) and now it has dropped below the median line (ML) which represented dynamic support. After the aggressive breakdown, BTC/USD could come back to test and retest the median line (ML).
The downside pressure remained high after failing to make a new higher high or to make a valid breakout above the sliding line (SL). Also, its failure to stay above the 37,701 signaled strong sellers and a downside continuation.
BTC/USD Outlook!
Stabilizing below the median line (ML) may confirm more declines towards the 34,324 key level. Retesting the median line and registering only false breakouts above it could bring short opportunities.
