The price of Bitcoin turned to the downside after ending its short-term rally. It was trading at 27,031 at the time of writing. After its last growth, a retreat was somehow expected. Also, technically, the crypto remains under downside pressure. Still, a border downside movement is far from being confirmed.
BTC/USD dropped by 5.61% from Monday's high of 28,452 to 26,857 today's low. In the last 7 days, Bitcoin is still up by 2.95%.
BTC/USD down channel
As you can see on the H4 chart, BTC/USD failed to reach and retest the channel's resistance. It has registered false breakouts above the lower median line (lml) and now it seems determined to come back down.
The weekly S1 (26,551) represents the next downside target. After dropping below the lower median line (lml), the crypto was expected to extend its downside movement. Still, the lower median line (lml) retest was needed before going down.
BTC/USD outlook
Failing to stay above the lower median line (lml) and dropping below the weekly pivot point of 27,399 signaled a new sell-off. A bearish closure below the S1 (26,551) confirms more declines. The channel's downside represents a major target.
