Bitcoin is trading in the red at 26,666 and it seems very heavy. The USD is strongly bullish and dominates the currency market, so the greenback could drag BTC/USD down. You knew from my previous analysis that the leg higher ended and that the sellers could take full control.
Bitcoin is down by 0.30% in the last 24 hours and by 3.41% in the last 7 days. A deeper drop should force the altcoins to drop as well.
BTC/USD Targeting New Lows!
BTC/USD resumed its drop after retesting 27,170 as expected. In the short term, it has tried to rebound but the downside pressure is high.
The weekly S1 of 26,476 represents the first downside target and obstacle. It remains to see how it reacts after reaching it.
BTC/USD Outlook!
Bitcoin is bearish, so dropping and closing below the S2 of 26,476 confirms more declines.
