Bitcoin - Could We Have A Larger Drop?

Bitcoin stands at 48,292 level at the moment of writing and it pressures the broken uptrend line. The price has come back higher to retest the ascending channel's support. Technically, the price of Bitcoin has signaled a potential corrective phase.

BTC/USD raised by approximately 3.18% in the last 24H, but it has still moved down 0.97% in the last 7 days. The market cap is up by 3.10%, while the volume has fallen by 5.43% in the last 24 hours.

BTC/USD Up Channel Breakout

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As you can see on the H4 chart, BTC/USD failed to stay above the uptrend line within the ascending channel's body. It has dropped to as much as 46,309 level where it has found temporary support. Now it has come back to retest the broken line. Still, we need confirmation that BTC/USD will drop deeper.

The bias remains bullish as long as it stays above 46,309 and above the weekly pivot point (47,671). Also, jumping above the uptrend line could confirm further growth.

Trading Conclusion

Making a new lower low, dropping and closing below 46,309.33 immediate low could activate a corrective phase towards the 43,000.

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

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