Bitcoin Forming Double Top And It’s Vulnerable Below $8,500 | NewsBTC


Bitcoin struggled to break the $8,900 resistance on two occasions against the US Dollar. BTC price is showing a few bearish signs and it seems like it could decline towards $8,300 or $8,200.Bitcoin price is likely forming a double top pattern near the $8,900 resistance against the US Dollar.The price is down 3% and it is now trading below the $8,700 support.There was a break below a key bullish trend line with support near $8,660 on the hourly chart of the BTC/USD pair (data feed from Kraken).The pair seems to be vulnerable and it could break the $8,500 support in the near term.Bitcoin Could Correct Towards $8,200Yesterday, bitcoin extended its rally above the $8,500 resistance against the US Dollar. BTC price climbed towards $9,000, but it struggled to clear the $8,900 resistance area.The bulls made two attempts to surpass the $8,900 resistance area, but they failed. As a result, there was a bearish reaction below the $8,700 and $8,660 support levels.Moreover, there was a break below a key bullish trend line with support near $8,660 on the hourly chart of the BTC/USD pair. It is now trading below the 23.6% Fib retracement level of the upward move from the $8,040 swing low to $8,898 high. Bitcoin PriceAn immediate support is another bullish trend line at $8,610 on the same chart. The first key support is near the $8,540 level (the previous breakout zone). If the price breaks the $8,540 support, it will most likely carve a double top near the $8,900 area.In the mentioned bearish case, bitcoin price is likely to slide below the 50% Fib retracement level of the upward move from the $8,040 swing low to $8,898 high.The main target for the bears may perhaps be near the $8,240 and $8,200 support levels (double top target levels). Any further losses could lead BTC price towards $8,000.What If BTC Stays Above $8,540?If BTC stays above the neckline support at $8,540 and $8,500, it would invalidate the double top pattern. On the upside, an initial resistance is near the $8,700.The key hurdle for bitcoin is near $8,900, above which the bulls are likely to target the next important hurdle near the $9,200 and $9,250 levels.Technical indicators:Hourly MACD – The MACD is now gaining momentum in the bearish zone.Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below 50 and it is showing a few bearish signs.Major Support Levels – $8,610 followed by $8,500.Major Resistance Levels – $8,700, $8,900 and $9,000.

Go to Source
Author: Aayush Jindal


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

This site uses Akismet to reduce spam. Learn how your comment data is processed.