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The price of Bitcoin is trading in the red at the time of writing. The pressure remains high, so a deeper drop won't be a surprise. It's trading at 37,934.24 at the time of writing above 37,592.73 today's low.
It remains to see what will really happen as the price continues to challenge dynamic support. BTC/USD dropped by 5.31% from yesterday's high of 39,701 to today's low. In the last 24 hours, the crypto is down by 2.11% and by 7.50% in the last 7 days. Bitcoin's drop caused the altcoins to drop as well.
BTC/USD is putting pressure on the ascending pitchfork's lower median line (lml) which represents dynamic support. After failing to stabilize above the ascending pitchfork's median line (ml), a sell-off was expected. Dropping below 40,330.99 static support signaled a potential drop at least till the pitchfork's lower median line (lml).
A valid breakdown below this dynamic support could open the door for a larger drop. Only staying above it may announce a new bullish momentum.
The pressure is high after failing to make a new higher high. As you can see on the H4 chart, BTC/USD is moving somehow sideways. A valid breakdown below the lower median line (lml) could announce a potential deeper drop towards the 34,324.05 lower low.
A false breakdown below the lower median line (lml) may announce that the sell-off ended and that the price of Bitcoin is developing a new leg higher.
¡Los informes analíticos de InstaForex lo mantendrá bien informado de las tendencias del mercado! Al ser un cliente de InstaForex, se le proporciona una gran cantidad de servicios gratuitos para una operación eficiente.
