The price of Bitcoin is trading at 16,819 at the time of writing. The bias remains bearish, so more declines are natural. Still, after its massive drop, a rebound could be natural. It could test and retest the near-term resistance levels before dropping again.
In the last 24 hours, BTC/USD is up by 0.16% but it's down by 4.73% in the last 7 days. The current rebound helped the altcoins to rebound in the short term.
Bitcoin Trapped Within A Range Pattern!
Technically, the rate dropped below the first warning line (wl1), and now it is retesting it. It's trapped between the 17,046 and 16,293 levels. Escaping from this potential range could bring new opportunities.
The token could develop a new sell-off as long as it stays under the broken warning line (wl1) and under the 17,046.
BTC/USD Forecast!
False breakouts above the warning line (wl1) and through 17,046 could announce a new sell-off. A downside continuation could be activated by a valid breakdown below the 16,293 level.
Jumping and closing above the warning line (wl1) and above 17,046 could announce further growth.
