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Bitcoin is trading at $55,466 level at the time of writing, higher versus $53,221 today's low. Unfortunately, the current rebound could be only a temporary one before the price drops deeper in the short-term.
BTC/USD failed to stabilize above the $60,000 psychological level and now is into a corrective phase. The decline may continue if it stabilizes under $56,000. The price could come down to reach and retest the near-term uptrend line.
The corrective phase, retreat, is natural after the most recent swing higher. BTC/USD increased as much as $61,788 level setting a new all-time high. It is normal that some traders and investors wanted to step out pushing the rate down.
The outlook is bullish as BTC/USD is trading within an up channel. It has failed to stabilize above $58,367 and now is trading back below the Pivot Point ($56,704). The immediate critical support is seen at the uptrend line and around the S1 ($51,585).
The price could approach and reach these downside obstacles and only a false breakdown, bullish engulfing, or any other reversal pattern on these support levels could signal that the correction is over.
BTC/USD's further growth will be validated by a valid breakout above the minor red descending pitchfork. Selling right now is risky as long as the price is located above the uptrend line.
Buy a false breakdown with great separation below the S1 ($51,585) and through the uptrend line or a major bullish engulfing.
Sell a valid breakdown through the uptrend line or a false breakout with a huge separation above the descending pitchfork's upper median line (uml).
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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