Bitcoin price analysis: BTC/USD falling back towards descending channel upper trend line and double top formation

Bitcoin down 3%, heading back to upper trend line of descending channel.
Double top formation, top at $11,600, bottom of pattern at $9,300.

Ken Chigbo Independent Analyst

The Bitcoin price is adding to its losses during trading on Wednesday, running into its third consecutive session of losses. This comes after the price ran into a large touted supply zone, seen at $11,600. Bitcoin was knocked down from those levels on Monday, which has led to the bearish momentum continuing into the week so far.

Given the momentum is back within the bears control, eyes are now on the original descending channel that contained Bitcoin price action, since December 2017. This was only broken to the upside recently, on 1st March.

Looking technically at BTC/USD on the daily time frame, next level of support will come into play at the upper trend line of the descending channel, tracking at $10,000, in proximity to the 50 DMA. A break of this support would open up doors to $9,300, this would complete the double top chart pattern.

BTC.USD daily chart

Author

Ken Chigbo

Independent Analyst

Ken has over 8 years exposure to the financial markets. He started his career as an analyst, covering a variety of asset classes; forex, fixed income, commodities and equities.

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