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

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