Bitcoin [BTC/USD] challenges dynamic obstacle! Long or short?

Bitcoin moves somehow sideways in the short term being undecided. It remains to see what will really happen as the crypto stands above a strong demand zone. The pressure remains high in the short term, so won't be a surprise if BTC/USD drops deeper.

In the last 24 hours, the price of Bitcoin is down by 2.56%, while in the last 7 days it's still up by 0.40%. BTC/USD is into a support zone, so anything could happen. Personally, I'll wait for a fresh opportunity before taking action. A bullish pattern could bring long signals, while a new lower low may activate a larger corrective phase.


BITCOIN AT CROSSROADS!
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It has failed to stay above the 38.2% retracement level and above the weekly pivot point (43,361.66) indicating strong pressure. In addition, its failure to come back to reach the downtrend line shows that the sellers are very strong.

Now it's pressuring the ascending pitchfork's lower median line (lml) and the 50% retracement level. The 40,192.90 stands as static support. Personally, I believe that only dropping and closing below this level may really activate a larger downside movement.


BITCOIN OUTLOOK!
BTC/USD's failure to reach the ascending pitchfork's median line (ml) signaled massive bearish pressure and potential drops towards the lower median line (lml). Only a valid breakout above the immediate downtrend line may invalidate a downside continuation.

Personally, I believe that a bearish closure below the weekly S1 (39,419) could confirm a larger drop towards 35,000 or down to 32,000 psychological levels.




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Ralph Shedler
Analytical expert of InstaForex
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