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Bitcoin drops like a rock at the time of writing after failing to activate further growth. It's traded at 40,465 level above 39,626 today's low. BTC/USD dropped by 11.52% from 44,785 Tuesday's high to 39,626 daily low. Unfortunately, the price action signaled exhausted buyers and a potential downside movement.
In the last 24 hours, BTC/USD is down by 4.71% and by 8.57% in the last 7 days. Bitcoin's sell-off forced the altcoins to drop as well. BTC/USD could bring new selling opportunities if it comes back to test and retest the immediate resistance levels.
BTC/USD found resistance at the first warning line (wl1) of the descending pitchfork. It has ignored the 41,967 static support and the uptrend line signaling that the upside movement ended.
As you can see, BTC/USD is almost to reach the 150% Fibonacci line which represents dynamic support. So, coming back to test and retest the uptrend line and the warning line (wl1) could announce a larger drop.
Bitcoin registered a valid breakdown below the uptrend line signaling that the swing higher ended. As long as it stays below the warning line (wl1), BTC/USD could move towards new lows.
A valid breakdown below the 150% Fibonacci line could announce and activate a sharp drop. Technically, the breakdown below the uptrend line could be seen as a short opportunity.
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