Bitcoin dropped a little in the short term but this could be only temporary. It could test and retest the immediate support levels before dropping again. It's located at 16,934 at the time of writing. It has dropped by 2.61% from yesterday's high to 16,800 today's low.
In the last 24 hours, BTC/USD is down by 0.33% but it's up by 2.54% in the last 7 days. A new upside movement should boost the altcoins as well.
BTC Bullish Formation!The price action developed a flag pattern. As long as it stays above 16,783, the bias remains bullish in the short term. After its amazing rally, a minor retreat was natural.
Only dropping and stabilizing blow the static support level may announce further drop and invalidates an upside continuation.
BTC/USD Forecast!A valid breakout through the downtrend line and a new higher high activates further growth and brings new longs.