Bitcoin is trading in the red at 25,567 at the time of writing. The downside pressure is high, so more declines are natural. In the short term, it looks undecided, that's why we have to wait for fresh trading opportunities. Technically, the price action signaled more declines, but we still need confirmation.
In the last 24 hours, Bitcoin is down by 0.78% and by 5.77% in the last 7 days. BTC/USD's further drop should drag the altcoins down as well.
BTC/USD Strong Bearish Bias!
As you can see on the H4 chart, the rate failed to stay above the 26,813 broken resistance and now it has dropped below the median line (ML).
You knew from my previous analyses that stabilizing below the median line (ML) may announce more declines.
BTC/USD Outlook!
The price tested and retested the median line (ML) and now it seems determined to extend its sell-off. Dropping and closing below the former lows of 25,350 activates more declines. This scenario brings new short opportunities.
