Friday, July 30, 2021
Home Crypto News Analysis BTC Forms Double Top and Falls to $ 17,200-A 14% crash-What's Next...

BTC Forms Double Top and Falls to $ 17,200-A 14% crash-What’s Next For BTC?

- Advertisement -

Bitcoin fell to $ 17,200 on Binance Exchange as buying pressure finally eased after weeks of upward price action. Bitcoin corrected from the $ 19,600 to $ 17200, down about 14%.

Analysts are currently divided over what comes next for the leading cryptocurrency.

Bitcoin began to roll over after it surpassed the $ 19,600 mark yesterday. At the same time, analysts noted that the cryptocurrency began to print bearish technical signals near the highs, which suggested that it was overbought. 

Bitcoin Extremely Overbought

Mohit Sorout, a founding partner at Bitazu Capital, shared the chart shown below on the day Bitcoin crossed over $ 19,000.

The chart shows the price action of BTC relative to the Pi Cycle indicator

The chart shows the price action of BTC relative to the Pi Cycle indicator. The indicator is a formula that accurately predicted BTC’s mid-term highs in the past, including the mid-2019 high, as well as a series of highs in 2016 and 2017.

If history repeats itself, there is a good chance that Bitcoin will correct back to the lower boundary of the indicator and then retrace higher to break the upper boundary of the indicator. 

Alex Fiskum, a partner at Alice Capital, shared a similar bearish chart. The chart shows that the current market sentiment and positioning of Bitcoin look extremely similar to the 2019 highs and all-time highs were seen in 2017. 

Bitcoin price forms a double Top

 A double top pattern was formed near the $ 19,500 level and the price of Bitcoin dropped sharply below the $ 19,000 support.

A double top pattern was formed near the $ 19,500 level and the price of Bitcoin dropped sharply below the $ 19,000 support.

The price dipped below many of the keys supports around $ 19,000 and the 100-hour SMA. 

The hourly chart of the BTC / USD pair also broke below the major bullish trend line with support around $ 19,000. 

Bitcoin broke the last swing low at $ 18,656 and continued its decline below the $ 18,500 level. 

Bears pushed the price below the 1.236 Fibonacci extensions of the uptrend from a swing low of $ 18.656 to a swing high of $ 19.511.

The price further dropped and reached USD 17200 levels. If the price is unable to maintain 17000 psychological support, we may find support around $ 15800 to 16200 levels.

Read More:

- Advertisement -
Albert Brownhttps://thecryptobasic.com/
Albert Brown has obtained his master's degree in Stock Trading And Investing. His specialty is analyzing the price actions of crypto and stock markets. Albert provides a major role in TheCryptoBasic as a crypto analyst. He is also known for his work on Twinkle Magazine and TipRanks.

LEAVE A REPLY

Please enter your comment!
Please enter your name here

- Advertisment -

Recent News & Articles

Michael Saylor “Bitcoin Is Digital Real Estate And Is Now Held By More Than 114 Million People, Making It The Most Widely Held Financial...

Microstrategy CEO Michael Saylor always shows that he is a faithful supporter of Bitcoin. Microstrategy currently holds 105,085 BTC. Michael Saylor is among the...

Bitpay Adds Support For Litecoin And Newegg Becomes The First Merchant To Accept LTC Through Bitpay

BitPay, the world’s largest provider of Bitcoin and cryptocurrency payment services, today announced support for Litecoin in the BitPay Wallet app. Consumers can buy, store and...

Yoroi Wallet To Release Dapp Connector That Will Allow Interactions Between Users And Dapps On Cardano Blockchain

Cardano (ADA) smart contracts are coming soon and so is its infrastructure advancing. window.coinzilla_display = window.coinzilla_display ||...

Ethernity Chain to Drop NFT of NAS’s Performance in South Africa on the 20th Anniversary of the end of Apartheid

Johannesburg, South Africa, 29th July, 2021, Ethernity Chain is proud to announce another unique NFT collection is coming to its ecosystem. This aNFT (Authenticated...

Wall Street Bitcoin Adoption Continues As State Street The Second-Oldest Continually Operating United States Bank To Offer Crypto Services

State Street Corporation, an American financial services and bank holding company, headquartered in Boston with operations all over the globe to Offer Crypto Services...

57,000 Bitcoin Left Crypto Exchanges In 24 Hours Showing Bullish Sentiments Along With 465,000 Bitcoins Transferred Between Coinbase And Unknown Wallets

BTC saw the largest outflow of funds in one day from crypto exchanges. Nearly 57,000 bitcoins were left crypto exchanges.  ...

According To PayPal CEO, Paypal Crypto Super App Is Code Complete And Will Launch Soon

PayPal, World Top payment provider company, has stated that its users will not need to wait longer for great crypto functionalities app coming soon.

Subscribe To Our Newsletter

Get Updated with All The latest Crypto News, Articles, Reviews, Analysis and much more. Delivered Every Monday.

follow us in feedly