BTC/USD – The Bitcoin Pair Forms A Double-top Pattern, Giving Bearish Signals
Bearish View
- Take Profit – 26,525
- Stop Loss – 30,000
- Timeline: 1-2 days
Bullish View
- Buy Stop – 28,500
- Take profit – 30,000
- Stop loss – 27,000
We saw the BTC/USD pair having some strong movements in the month of March. Firstly, we saw it moving up hitting a level of 29,135. There was a strong resistance forming on the 4H charts which apparently stopped the pair from moving towards the psychological level of 30,000. The RSI apparently formed a bearish divergence pattern and the pair price has managed to stay a little above the 50-period MA. Another thing to take note of is the double-top pattern that got formed by the pair on charts. So, we can count on the bearish signals given by the pair as of now.
On a fundamental level, we can see the Bitcoin market actually benefited from the banking sector crisis that happened. The collapse of major banks surely shook the global economies without a doubt. But this also led to more and more investors turning to Bitcoin thinking of it as a safe zone. The dollar sell-off was also happening on the other side which may have contributed to the recovery of BTC. The regulatory concerns surrounding crypto continued to be the talk of the town amidst all this. But the trust of traders and investors is still intact which is giving a boost to Bitcoin despite the chaos.
