BTC/USD – The Overall Outlook Is Bearish For The Pair With The Double-top Pattern

My FX List
April 3, 2023
The overall outlook is bearish for the pair

Short Position

  • Take Profit – 26,525
  • Stop Loss – 30,000
  • Timeline: 1-2 days

Long Position

  • Buy Stop – 28,500
  • Take profit – 30,000
  • Stop loss – 27,000

Fundamentally speaking, it is clear that the banking sector crisis had a positive impact on the Bitcoin market. Without a question, the failure of major banks affected the global economies. Yet, this also caused more and more investors to gravitate to Bitcoin, viewing it as a secure haven. On the other side, the dollar sell-off was also taking place, which might have helped Bitcoin rebound. Through all of this, regulatory worries about cryptocurrency remained a hot topic. But, despite the chaos, the optimism of traders and investors is still high, which is helping Bitcoin.

In the month of March, we observed some significant fluctuations in the BTC/USD exchange. First, we observed it ascending, reaching a level of 29,135. In the 4H charts, there was a significant resistance forming that appears to have prevented the pair from moving towards the 30,000 psychological level. The pair price has managed to hold a little bit above the 50-period MA with the RSI appearing to have created a bearish divergence pattern. The pair’s formation of a double-top pattern on charts is another thing to pay attention to. So,the overall outlook for the pair appears to be bearish as of now.

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