Bitcoin: why the price is facing a retreat to $ 5750
Bitcoin may have formed a double top
Support is located at $ 5750 and $ 4550
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Bitcoin never managed to break through the important resistance area at $ 6,900. In addition, the pair has formed a double top, which could lead to a bearish breakout towards $ 5750..
Bitcoin rose substantially on March 13 and reached $ 6,467 by the close, marking a 14% rise from its daily low. The next day, the price resumed its rally, making an even higher high and closing at $ 6731. However, the market still has yet to break the March 20 high or the major daily resistance at $ 6,900..
BTC daily levels
On March 23, the bitcoin rate (BTC) formed a bullish engulfing candle on the chart and closed trading at its highest level since March 13, when the price began to decline rapidly. The next day, another bullish candle appeared on the chart, although its body was already much smaller.
At the moment, the price is facing strong resistance at $ 6900. It was formed by the Fibo level of 0.382 and the daily resistance level. If the price manages to make a bullish breakout of this area, it could create a vigorous rally towards $ 7,550.
On the short-term timeframe, it increasingly looks like Bitcoin has formed a double top. This pattern is traditionally considered bearish and is supported by bearish divergence signals, further exacerbating the likelihood of a bearish breakout.
The price is moving along the upward support line, which is now at $ 6200. A break below this support could send the market to the next support area located at $ 5750.
If the size of the price move is equal to the entire height of the Double Top pattern, Bitcoin may reach the next support area at $ 4550. Here, the pair closed the day trading on March 13, when it felt the bottom, and then on March 18.
Thus, the BTC rate showed strong daily close twice. However, the price failed to break through the important resistance area at $ 6,900. In addition, the pair has formed a double top, which could lead to a bearish breakout towards the $ 5,750 support area..
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