The price of Bitcoin plunged again but now it has reached a support zone. As you already know, the bias remains bearish despite temporary rebounds. Actually, short-term throwbacks could help the sellers to jump in again. BTC/USD was traded at 19,854 at the time of writing and it seems very heavy.
Bitcoin dropped by 12.86% from last week's high of 22,401 to 19,520 today's low. BTC/USD is down by 2.51% in the last 24 hours but it's up by 1.52% in the last 7 days. The current sell-off forced the altcoins to drop as well.
BTC/USD Flag Pattern!
BTC/USD failed to stay above the ascending pitchfork's median line (ML) signaling that the buyers are exhausted. Now, it has developed a strong downside movement. It has reached the lower median line (LML) which stands as a dynamic support. As you can see, the rate tried to rebound, but the bias remains bearish as long as it stays under the downtrend line.
As long as it stays above the lower median line (LML), Bitcoin could try to rebound. Still, it could come back to test and retest the immediate downside obstacles.
BTC/USD Forecast!
Staying above the lower median line (LML) and making a valid breakout above the downtrend line may signal a new leg higher.
A valid breakdown below the LML and through the 19,666, a new lower low could activate more declines.
