FX.co ★ Bitcoin hovering above key uptrend line

Bitcoin is located at 36,149 at the time of writing. It has registered a strong drop after failing to take out the 38,000 psychological level. The sell-off forced the altcoins to drop as well. The selling pressure is high in the short term but a downside continuation is far from being confirmed.

Bitcoin dropped by 2.24% from today's high of 36,685 to 35,863 today's low. In the last 24 hours, the crypto is down by 1.29% and by 3.55% in the last 7 days.

BTC/USD Gathering More Selling Energy!

As you can see on the H4 chart, the rate found support at 61.8% (35,938) and now is fighting hard to rebound.

As long as it stays above the uptrend line, BTC/USD could jump higher. It's trapped between the 61.8% and the 38.2% levels. Staying near the uptrend line may announce an imminent breakdown.

BTC/USD Forecast!

Dropping and closing below the 61.8% and under the uptrend line activates more declines and brings us a new short opportunity.