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

16 Jan Bitcoin Forming Double Top And It’s Vulnerable Below $8,500

Posted at 06:13h in Bitcoin News by

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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 $8,200

Yesterday, 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…

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