The price of Bitcoin (BTCUSD) slipped lower in its last intraday trading, affected by the continuation of the negative pressure that comes from its stability below EMA50, this decline accompanied by the emergence of bearish signals on the (RSI), after reaching overbought levels, increasing the possibilities of the bearish rebound.

The continuous pressure led to breaking a minor bullish trend line on the short-term basis, indicating the dominance of the sellers on the current technical scene, the continuation of these pressures might push the price to look for new support levels that make it settle in the near-term basis.

Therefore, we suggest a decline in (BTCUSD) price in the upcoming intraday trading, if the resistance settles at $118,500, especially when breaking $116,300 support, targeting the next support at $114,500.

The expected trading range is between $114,500 support and $118,500 resistance.

Todays forecast: Bearish

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