Bitcoin price analysis: BTC/USD subject to breakout from current wedge formation, down 3% Tuesday
- Price has been falling since double top pattern formation, neckline breakout was seen.
- Technically BTC/USD looks vulnerable to further downside, next target seen at $7,500.
The Bitcoin price is seen holding losses of 3% on Tuesday, still struggling to find its feet after continuing to take hits from the bears. Momentum is firmly see to the downside, after the price once again broke down $10,000.
A double top was produced in a known area of resistance, on the 5th March the price hit a barrier around $11,600. After touching, BTC/USD headed back south and broke the neckline, see at $9,500, which exerted the move to the downside.
BTC/USD technically still looks vulnerable to a move lower. There is an underlying supporting trendline seen to be tracking around $7,500, which could be a next potential downside target. Resistance remains within the $9,500 region.
BTC/USD daily chart
-636565542821272421.png)
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.
