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The price of Bitcoin crashed in the last hours and now is trading at 26,187 at the time of writing. In the short term, it has moved sideways, but now it could escape from the minor range, signaling more declines.
BTC/USD dropped by 5.10% from yesterday's high of 27,478 to 26,076 today's low. The crypto seems very heavy, so the sellers could take full control soon.
As you can see on the H1 chart, the rate failed to stay above the lower median line (lml) and now it has ignored the 26,700 and 26,374 immediate support levels. It has escaped from the minor flag announcing more declines.
Technically, the price action developed a major Head & Shoulders pattern. 26,700 represented the neckline. Violating this downside obstacle activates the reversal pattern.
The current breakdown below 26,374 was seen as a new selling opportunity.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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