Bitcoin Below $30,000. What Now?

Bitcoin reached a new low of 29,296 after ignoring the 30,066 static support. The bias is bearish, so BTC/USD could resume its decline anytime. The outlook is bearish so it's premature to talk and search for new long opportunities.

Its slow decline could bring more decline. The price of Bitcoin is located deep in the seller's territory, the current breakdown from the extended range signals a deeper drop. Validating the current breakout could announce more losses.

BTC/USD Downside Breakout!

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Bitcoin failed to come back to test and retest the downtrend line and now is located below 30,000 psychological level and most important under the 30,066 static support. Stabilizing under these broken downside obstacles could signal more declines ahead.

The pressure is high as long as it stays below the downtrend line. The weekly S2 (28,807) represents the next downside target. Also, the 28,600 lower low could be used as a potential target if the price drops further.

Outlook!

Bitcoin could extend its drop if it stays under 30,066 broken support. It could test and retest this level before dropping deeper. Only an upside breakout through the downtrend line could invalidate further decline.

We could look for new long opportunities around 28,000 psychological level if the price prints a bullish pattern.

The material has been provided by InstaForex Company - www.instaforex.com

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