Bitcoin reaches buying zone

Bitcoin crashed in the short term and now is trading at 28,106. After its strong growth, a retreat was natural. The rate could test and retest the near-term support levels before developing a new leg higher.

BTC/USD dropped by 10.33% from last Friday's high of 31,035 to 27,828 today's low. It's down by 1.83% in the last 24 hours and by 6.95% in the last 7 days.

BTC/USD Massive Drop!

Technically, BTC/USD turned to the downside after failing to reach and retest the upper median line (uml) of the ascending pitchfork. Now, it has reached the median line (ml) of the ascending pitchfork which represents a dynamic support.

27,723 represents a downside obstacle as well. As long as it stays above the median line, BTC/USD could develop a new leg higher.

BTC/USD Outlook!

False breakdowns below the median line (ml) and through 27,723 announce a new leg higher and could bring new long opportunities.

News are provided by InstaForex

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