RATE Group | Bitcoin Is Forming a Double Top At $6,000, And Now At Risk Of a Big Drop
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Bitcoin Is Forming a Double Top At $6,000, And Now At Risk Of a Big Drop

16 Mar Bitcoin Is Forming a Double Top At $6,000, And Now At Risk Of a Big Drop

Posted at 05:43h in Bitcoin News by

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Bitcoin is likely forming a double top pattern near the $6,000 resistance against the US Dollar. BTC price remains at a risk of a sharp decline below $5,000 if it fails to recover above $6,000.

  • Bitcoin is showing a few bearish signs below the $6,000 and $6,200 resistance levels against the US Dollar.
  • There is likely a double top pattern forming near the $6,000 resistance area.
  • A key bearish trend line is forming with resistance near $5,650 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The pair could either decline heavily below $5,000 or it might start a decent recovery towards $6,500.

Bitcoin is Showing Bearish Signs

After a massive decline, bitcoin price recovered above $5,000 and $5,500 against the US Dollar. BTC price seems to be forming a decent support base above the $5,000 level, but it is also facing hurdles near the 100 hourly simple moving average.

It also settled above the 23.6% Fib retracement level of the main decline from the $7,988 high to $3,935 low….

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