BTC/USD rebounded in the short term after failing to make a new lower low but the bias remains bearish. It was traded at 20,340 at the time of writing and it tries to take out strong resistance levels.
Bitcoin increased by 4.80% from yesterday's low of 19,552 to today's high of 20,490. Technically, the price action developed a range pattern. Escaping from the trading range could bring new trading opportunities.
BTC/USD Range!
As you can see on the H4 chart, BTC/USD is trapped between 20,575 and 19,526. As long as it stays under the downtrend line and below the weekly pivot point of 20,325, Bitcoin could come back down at least towards the former lows.
Only making a valid breakout through the downtrend line and registering a new higher high could activate a larger rebound.
BTC/USD Forecast!
Staying within the down-channel pattern and making a new lower low, a valid breakdown below 19,526 could activate more declines. This scenario could bring new short opportunities.
