Bitcoin Attention At Support!

BTC/USD dropped significantly after failing to stabilize above the 40,000 psychological level. It remains to see how it will react because is traded right above a major support zone.

A bullish reversal pattern could bring new long opportunities. On the other hand, registering a valid downside breakout from the current pattern could announce a larger correction in the upcoming period.


BTC/USD LEG DOWN!

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Bitcoin is traded below the descending pitchfork's upper median line (uml). The pressure is high as long as it stays below this line. Coming back above this obstacle could signal a potential swing higher.

BTC/USD could resume its sideways movement. A false breakdown with great separation through 30,066, or a major bullish engulfing could signal an upside momentum.


OUTLOOK!

We could search for long opportunities around the 30,066 level. Making a valid breakdown below this level signals further declines.




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Ralph Shedler
Analytical expert
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