Bitcoin dropped as much as 36,718 today where it has found some demand and now is located higher at 37,041 at the time of writing. In the short term, the downside pressure seems high after failing to activate an upside continuation.
It has dropped by 4.52% from Friday's high of 38,456 to today's low. The current sell-off forced the altcoins to drop as well.
BTC/USD Minor Rebound!
Technically, the price of Bitcoin registered only false breakouts through the 38,028 static resistance and now it has turned to the downside.
Its failure to take out this resistance announced exhausted buyers. Also, the rate escaped from a Rising Wedge pattern which represented a bearish formation.
Bitcoin Forecast!
As long as it stays below the downtrend line, the price of Bitcoin could resume its sell-off. The rate dropped below the former low of 36,892 which represented a downside obstacle. Dropping and closing below today's low of 36,718 activates more declines. This could be seen as a selling opportunity.
