The price of Bitcoin crashed after its minor rebound and it seems determined to approach and reach new lows. You knew from my previous analysis that BTC/USD could only test and retest the near-term resistance levels before dropping deeper.
The bias is bearish, despite temporary rebounds. BTC/USD dropped by 1.31% from yesterday's high of 16,650 to 16,432 today's low.
BTC/USD down channel intact
Technically, the price of Bitcoin registered only false breakouts through the downtrend line, and now it has dropped deeper. As you already know from my analysis, BTC/USD could approach and reach new lows as long as it stays below the downtrend line.
The weekly S1 of 16,398 stands as the first downside target. The median line (ml) of the descending pitchfork represents dynamic support and target.
BTC/USD forecast
A larger drop and a downside continuation could be confirmed after making a valid breakdown below the median line (ml). Dropping and closing below the S1 and under the median line (ml) bring short opportunities.
