The price of bitcoin dropped after failing to take out the near-term upside obstacles. It was trading at 28,970 at the time of writing far below 30,753 yesterday's high. BTC/USD dropped by 6.44% from 30,670 today's high to today's low of 28,694.
Technically, Bitcoin was expected to rebound in the short term after its massive drop. In the last 24 hours, Bitcoin is down by 3.64% and by 4.95% in the last 7 days.
BTC/USD Exhausted Buyers!
As you can see on the H4 chart, the BTC/USD failed to stabilize above 30,960 former high or above the weekly pivot point of 30,306. 30,261 represented an upside obstacle as well. You knew from my analyses that 28,800 - 30,261 former support zone turned into resistance.
Now, it has dropped below the descending pitchfork's lower median line (LML). Closing and stabilizing below the LML and under the 28,800 may signal more declines.
BTC/USD Forecast!
A new lower low, a bearish closure below 28,561 may activate further drop and could bring new selling opportunities.
Only staying above 28,800 and coming back above 30,261 may invalidate a larger drop, the downside scenario.
