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The price of bitcoin was in a corrective phase in the short term. It's traded at 40,168 at the time of writing and is fighting hard to rebound. Technically, the BTC/USD hovers right above a demand zone.
In the last 24 hours, BTC/USD is down by 2.28% and by 7.66% in the last 7 days. Bitcoin's drop forced the altcoins to drop as well. The price action signaled that the correction could be over.
As you can see on the H4 chart, BTC/USD found support on the median line (ML) of the descending pitchfork and on the 78.6% (39,862). Now, it challenges the downtrend line and the S1 (40,281).
Staying above the median line (ML) and making a valid breakout above the downtrend line may signal that downside movement ended and that BTC/USD could develop a bullish movement.
Technically, the down channel could represent a bullish pattern. Staying above the support zone, making a valid breakout above the downtrend line, and registering a strong consolidation could bring new long opportunities.
A potential upside movement could be invalidated by a new lower low, if the BTC/USD drops and closes below 39,218.
¡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.
