The cryptocurrency made an attempt at a bullish reversal action two days ago, recording over 300 USD profit within just two hours. That has not in fact altered any longer-term biases for the cryptomarket, especially when it declined by over 80 percent in 2018. But the instability on the day has brought a lot of opportunities for cryptotraders who wanted to get in and out of the BTC market with good revenues.
The BTC value is now placed at the mark of 3,890 USD, accounting for 3.45 percent drop from its Friday’s peak, echoing the consolidation pattern after a highly unstable period. The cryptocurrency might proceed with its upside movement, but a more confident resistance area near 4,237 USD would probably keep the positive bias from prospering. A decline from here would also the interim bottom range over 3,000 USD, therefore restricting BTC within a strict width of 1,000 USD.
BTC is caught between a downside and upside slope, which altogether appear to be a declining channel pattern. The cryptocurrency might proceed fluctuating between the said parameters prior to switching to a breakout scenario. The overall bearish sentiment serves as a confirmation that BTC might keep on declining if it fails to set a double bottom before that, followed by one more breakdown on the way to the next downside target in 2,000-2,500 range.