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22.09.2023 08:24 PM
Bitcoin bearish formation

Bitcoin is located at 26,600 at the time of writing. As you already know, BTC/USD turned to the downside after the FOMC as the USD dominated the currency market. The crypto increased by 1.35% from yesterday's low of 26,376 to 26,733 today's high.

BTC/USD is up by 0.02% in the last 24 hours and by 0.81% in the last 7 days. Bitcoin's deeper drop should force the altcoins to reach new lows as well.

BTC/USD rebound seems over

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BTC/USD found resistance at the upper median line (uml) and now it has turned to the downside. The false breakouts above the R1 (27,302) announced exhausted buyers.

Now, it has dropped below the median line (ml) signaling more declines. It has tried to retest the broken median line (ml) but failed, signaling strong downside pressure. As you can see on the H1 chart, the rate developed a minor Rising Wedge pattern right below the median line (ml).

BTC/USD outlook

Dropping below 26,557 may announce a downwards movement. This could be seen as a short signal.

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