Bitcoin Double-Top Pattern Foretells Bearish Movement on the Horizon

Bitcoin Double-Top Pattern Foretells Bearish Movement on the Horizon
фото показано с : beincrypto.com

2020-3-27 13:25

On March 24, the Bitcoin price reached a daily close of $6,731 and continued its increase the next day, reaching a high of $6,975. However, the higher prices could not be sustained, and the BTC price failed to close above the major resistance area of $6,900.

On the contrary, it created a bearish Doji candlestick and has been gradually decreasing since.

Main Resistance Area

On March 25, the Bitcoin price reached the $6,900 resistance level, which is both the closest significant daily resistance level and the 0.382 Fib level of the entire previous decrease. The price was unable to break out above this level, and instead created a bearish Doji candlestick and decreased slightly.

Previously, the price had reached this level on March 20, but created a very long upper-wick and decreased significantly afterward.

Therefore, until it is able to successfully break out above this level, the BTC price movement is considered bearish in the medium-term.

Bitcoin Chart By Trading View Double-Top

Lower time-frames reveal that the price has created a bearish reversal pattern — the double top. The candlesticks forming the second top have been characterized with long upper wicks, a bearish development. The double-top is combined with a significant bearish divergence in the RSI, a sign that the price might soon initiate a rapid decrease.

Bitcoin Chart By Trading View

In addition, BTC is following an ascending support line, currently being very close to it. A breakdown from this pattern could trigger the aforementioned decrease.

If that happens, the closest support levels are found at $5,750 and $5,000.

To conclude, the BTC price has created a double-top, which is considered a bearish reversal pattern. If the price completes the pattern and breaks down from the current ascending support line, it is expected to decrease rapidly towards $5,750 and eventually $5,000.

For those interested in BeInCrypto’s previous Bitcoin analysis, click here.

The post Bitcoin Double-Top Pattern Foretells Bearish Movement on the Horizon appeared first on BeInCrypto.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 97747.27 (+0.12%)
Объем 24H $92.09b
Изменеия 24h: 4.69 %, 7d: 7.19 %
Cегодня L: $94006.77 - H: $97747.27
Капитализация $1933.967b Rank 1
Цена в час новости $ 6707.04 (1357.38%)

close bitcoin price prices could area 900

Источник: beincrypto.com

close bitcoin → Результатов: 126


Best Bitcoin (BTC) Weekly Close of 2019 Bodes Well: Are You Strapped In for $13,000+ USD? 

After an admittedly odd past few weeks of trading, Bitcoin recovered well enough to take its highest close of 2019 thus far. Despite July and August seeming somewhat lackluster with plenty of flat action, the weekly close at just under $11,500 (Binance) suggests things are looking up. In tandem with the bullish weekly view, a […]

2019-8-13 05:57


Bitcoin Weekly Close Nears as Bears Maintain Control; Will BTC Soon Drop Below $9,000?

Bitcoin (BTC) and the aggregated crypto markets have climbed slightly today after facing significant downwards pressure over the past couple of days. This recent price action has signaled that bears are currently in full control of the cryptocurrency, and without a major push by bulls, Bitcoin could face an incredibly weak weekly close that spells.

2019-7-29 00:30


Bitcoin Back At $10k, Here’s What to Expect For Ethereum, Litecoin, and XRP

Bitcoin recently went under the $10,000 mark but is gradually coming back again at press time and currently stabilizing around the $10,085 price level, the focus is now more on the altcoins. The question is what to expect from the top 10 Alts, Will they get even close to their All-Time High records? Will they […] The post Bitcoin Back At $10k, Here’s What to Expect For Ethereum, Litecoin, and XRP appeared first on ZyCrypto.

2019-7-25 16:47


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin (BTC) Wallets Cross 48 Million for the First Time

Bitcoin has hit another milestone in its rocky journey towards global mainstream adoption. Surpassing 2022 figures in the process. The post Bitcoin (BTC) Wallets Cross 48 Million for the First Time appeared first on BeInCrypto.