Bitcoin dropped again after failing to reach and retest the 23,288 former high. As you already know from my analyses, the bias remains bearish despite temporary rebounds. Actually, a temporary bounce back could bring new short opportunities.
BTC/USD dropped by 9.82% from yesterday's high of 22,957 to 20,702 today's low. In the last 24 hours, the crypto is up by 0.33% but it is down by 30.20% in the last 7 days.
BTC/USD Upside Invalidated
BTC/USD rebounded in the short term after registering only false breakdowns below the 20,816 static support. Unfortunately, it has failed to approach and reach the levels of 23,288 and S2 or to stabilize above the 150% Fibonacci line, signaling exhausted buyers.
As I have mentioned in my previous analyses, BTC/USD could drop deeper as long as it is traded below the 150% Fibonacci line. Now, it challenges the 20,816 level again. Taking out this downside obstacle may signal more declines.
BTC/USD Outlook
Its failure to reach 23,288 signaled strong downside pressure. Dropping and closing below the 20,816 mark may signal a potential drop at least until the 19,666 key level. The 150% line retest could bring new short opportunities as well.
A larger downside movement could be activated only by a valid breakdown below the 19,666 obstacle.
