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FX.co ★ Bitcoin: bearish pattern activated

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Crypto Analysis:::2023-07-27T19:08:50

Bitcoin: bearish pattern activated

Bitcoin rebounded in the short term which was natural after its strong drop. It's trading at 29,170 at the time of writing. You knew from my previous analysis that the bounce back could be only a temporary one. The price could test and retest the immediate resistance levels before dropping again.

Bitcoin dropped by 1.74% from yesterday's high of 29,678 to 29,161 today's low. The current sell-off should force the altcoins to drop as well.

BTC/USD Strong Downside Pressure!

Bitcoin: bearish pattern activated

As you can see on the H4 chart, the token registered a false breakout with great separation through 29,600 resistance (support turned into resistance), signaling exhausted buyers.

Now, it has escaped from the flag pattern indicating strong selling pressure and a downside continuation.

BTC/USD Outlook!

A bearish closure below S2 (29,114) activates more declines at least until the S3 (28,706).

Analyst InstaForex
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