Bitcoin Continues to Crash- Is BTC/USD Going After $5000?

The BTC/USD traded in a descending triangle pattern which provided it with a solid support at $6,160 and a resistance at $6,600. The 20..


On Monday, Bitcoin collapsed to a new 13-month low, with the biggest cryptocurrency touching $5264.9 on the Bitfinex. The bearish rally doesn’t seem like it would stop until it tests $5,000.

Earlier, BTC/USD traded in a descending triangle pattern which provided it with a solid support at $6,160 and a resistance at $6,600. The 20 & 50 periods moving averages kept it in a bearish trend and then the crypto finally broke downward.

Support Resistance
5027.82 6209.65
4524.13 6887.79
3342.3 8069.62
Key Trading Level: 5705.96

Bitcoin gave an intra-day close below $6,100 to confirm a bearish breakout. The pair is trading sharply bearish to target $5,000. The bearish engulfing, three black crows and the RSI below 50 are signifying a strong bearish bias of traders.

ABOUT THE AUTHOR See More
Arslan Butt
Index & Commodity Analyst
Arslan Butt serves as the Lead Commodities and Indices Analyst, bringing a wealth of expertise to the field. With an MBA in Behavioral Finance and active progress towards a Ph.D., Arslan possesses a deep understanding of market dynamics.His professional journey includes a significant role as a senior analyst at a leading brokerage firm, complementing his extensive experience as a market analyst and day trader. Adept in educating others, Arslan has a commendable track record as an instructor and public speaker.His incisive analyses, particularly within the realms of cryptocurrency and forex markets, are showcased across esteemed financial publications such as ForexCrunch, InsideBitcoins, and EconomyWatch, solidifying his reputation in the financial community.

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