Symptoms of weakness in Bitcoin, should we worry about?

Bitcoin Weakness Cryptocurrency

After failing to reach $ 60,000, Bitcoin registers declines that extend to Ethereum. These are the key levels that the most famous cryptocurrency in the world should not lose if it does not want to show more signs of weakness. 

The first sign of bitcoin weakness was important to lose the high, 57,116.80. This happened at the close of 5:00 p.m. and at 8:00 p.m. It lost the trend line at the close of 9pm.

Bitcoin has also breached the support zone. We would only have signs of recovery again if there were an impulsive pattern. Wave 1, correction in wave 2 and 3 exceeding the maximum, 56,451.34.

That we have 56,451.35, then we could have recoveries towards the upper side of the channel. The next resistance level for bitcoin is 57,116.80. The top side would be 58,357.

Bitcoin falls

In daily series, bitcoin registered a bearish engulfing pattern yesterday. And the figure would be validated by losing 53,733.20, which is crossed at 53,733.19. Then we could have two days of falls.

We can draw a trend line by joining the lows. Therefore, the risks are bearish if the bitcoin the session low yesterday and also lost the line at the close of the session today. The next levels of support would be the double bottom figure. Two levels: $ 47,525.13 and $ 47,078.54.

In an analysis of bitcoin, Bloomberg highlights the possibility that an hch pattern may be forming, but it is still far away. That is, there would be a maximum double, with a neckline of the figure, with a left shoulder and a right shoulder. The critical point would be to lose the level of $ 47,078.54.

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