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{"id":418253,"date":"2020-03-16T05:18:00","date_gmt":"2020-03-16T05:18:00","guid":{"rendered":"https:\/\/wncen.com\/?p=418253"},"modified":"2024-06-11T09:03:10","modified_gmt":"2024-06-11T09:03:10","slug":"bitcoin-is-forming-a-double-top-at-6000","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-is-forming-a-double-top-at-6000\/","title":{"rendered":"Bitcoin Is Forming a Double Top At $6,000, And Now At Risk Of a Big Drop"},"content":{"rendered":"

Bitcoin is likely forming a double top pattern near the $6,000 resistance against the US Dollar. BTC price remains at a risk of a sharp decline below $5,000 if it fails to recover above $6,000.<\/em><\/p>\n

\n
Bitcoin is showing a few bearish signs below the $6,000 and $6,200 resistance levels against the US Dollar.<\/li>\n
There is likely a double top pattern forming near the $6,000 resistance area.<\/li>\n
A key bearish trend line is forming with resistance near $5,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken).<\/li>\n
The pair could either decline heavily below $5,000 or it might start a decent recovery towards $6,500.<\/li>\n<\/ul>\n
Bitcoin is Showing Bearish Signs<\/h2>\n
After a massive decline, bitcoin price recovered above $5,000 and $5,500 against the US Dollar. BTC price seems to be forming a decent support base<\/a> above the $5,000 level, but it is also facing hurdles near the 100 hourly simple moving average.<\/p>\n
It also settled above the 23.6% Fib retracement level of the main decline from the $7,988 high to $3,935 low. During the recent rise, there was a break above a connecting bearish trend line with resistance at $5,325 on the hourly chart<\/a> of the BTC\/USD pair.<\/p>\n
$\"Bitcoin$ <\/a>
Bitcoin Price<\/figcaption><\/figure>\n
However, bitcoin price struggled to continue above the $6,000 resistance. The price made two attempts to climb above the $6,000 barrier, but it failed. The 50% Fib retracement level of the main decline from the $7,988 high to $3,935 low is also acting as a hurdle.<\/p>\n
It seems like there is a double top pattern forming near the $6,000 resistance area<\/a>. If there is a downside break below the $5,100 and $5,000 support levels, the bears are likely to take control.<\/p>\n
The next support is near the $4,800 level, below which the price is likely to extend its decline towards the $4,400 level in the near term.<\/p>\n
Chances of an Upside Break<\/h2>\n
If bitcoin remains well bid above the $5,000 support area, it could make another attempt to surpass $6,000. There is also a key bearish trend line is forming with resistance near $5,650 on the same chart.<\/p>\n
A successful break above the trend line, the 100 hourly SMA, and the $6,000 barrier is must to start a strong upward move towards $6,500 in the coming sessions.<\/p>\n
Technical indicators:<\/p>\n
Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone.<\/p>\n
Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently flat below the 50 level.<\/p>\n
Major Support Levels \u2013 $5,100 followed by $5,000.<\/p>\n
Major Resistance Levels \u2013 $5,650, $5,800 and $6,000.<\/p>\n","protected":false},"excerpt":{"rendered":"
Bitcoin is likely forming a double top pattern near the $6,000 resistance against the US Dollar. BTC price remains at a risk of a sharp decline below $5,000 if it fails to recover above $6,000. Bitcoin is showing a few bearish signs below the $6,000 and $6,200 resistance levels against the US Dollar. There is likely a double top pattern forming near the $6,000 resistance area. A key bearish trend line is forming with resistance near $5,650 on the hourly chart of the BTC\/USD pair (data feed from Kraken). The pair could either decline heavily below $5,000 or it might start a decent recovery towards $6,500. Bitcoin is Showing Bearish Signs After a massive decline, bitcoin price recovered above $5,000 and $5,500 against the US Dollar. BTC price seems to be forming a decent support base above the $5,000 level, but it is also facing hurdles near the 100 hourly simple moving average. It also settled above the 23.6% Fib retracement level of the main decline from the $7,988 high to $3,935 low. During the recent rise, there was a break above a connecting bearish trend line with resistance at $5,325 on the hourly chart of the BTC\/USD pair. However, bitcoin price struggled to continue above the $6,000 resistance. The price made two attempts to climb above the $6,000 barrier, but it failed. The 50% Fib retracement level of the main decline from the $7,988 high to $3,935 low is also acting as a hurdle. It seems like there is a double top pattern forming near the $6,000 resistance area. If there is a downside break below the $5,100 and $5,000 support levels, the bears are likely to take control. The next support is near the $4,800 level, below which the price is likely to extend its decline towards the $4,400 level in the near term. Chances of an Upside Break If bitcoin remains well bid above the $5,000 support area, it could make another attempt to surpass $6,000. There is also a key bearish trend line is forming with resistance near $5,650 on the same chart. A successful break above the trend line, the 100 hourly SMA, and the $6,000 barrier is must to start a strong upward move towards $6,500 in the coming sessions. Technical indicators: Hourly MACD \u2013 The MACD is now gaining pace in the bearish zone. Hourly RSI (Relative Strength Index) \u2013 The RSI for BTC\/USD is currently flat below the 50 level. Major Support Levels \u2013 $5,100 followed by $5,000. Major Resistance Levels \u2013 $5,650, $5,800 and $6,000.<\/p>\n","protected":false},"author":67,"featured_media":418255,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3,4],"tags":[428,1119],"class_list":["post-418253","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","category-analysis","tag-bitcoin","tag-btc"],"acf":[],"yoast_head":"\nBitcoin Is Forming a Double Top At $6,000, And Now At Risk Of a Big Drop<\/title>\n<meta name=\"description\" content=\"Bitcoin is likely forming a double top pattern near the $6,000 resistance. 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His background in software engineering has equipped him with a unique skill set, enabling him to leverage cutting-edge tools and algorithms to gain a competitive edge in an ever-evolving landscape. In addition to his roles in finance and technology, Aayush serves as the director of a prestigious IT company, where he spearheads initiatives aimed at driving digital innovation and transformation. Under his visionary leadership, the company has flourished, cementing its position as a leader in the tech industry and paving the way for groundbreaking advancements in software development and IT solutions. Despite his demanding professional commitments, Aayush is a firm believer in the importance of work-life balance. An avid traveler and adventurer, he finds solace in exploring new destinations, immersing himself in different cultures, and forging lasting memories along the way. Whether he's trekking through the Himalayas, diving in the azure waters of the Maldives, or experiencing the vibrant energy of bustling metropolises, Aayush embraces every opportunity to broaden his horizons and create unforgettable experiences. Aayush's journey to success is marked by a relentless pursuit of excellence and a steadfast commitment to continuous learning and growth. His academic achievements are a testament to his dedication and passion for excellence, having completed his software engineering with honors and excelling in every department. At his core, Aayush is driven by a profound passion for analyzing markets and uncovering profitable opportunities amidst volatility. Whether he's poring over price charts, identifying key support and resistance levels, or providing insightful analysis to his clients and followers, Aayush's unwavering dedication to his craft sets him apart as a true industry leader and a beacon of inspiration to aspiring traders around the globe. In a world where uncertainty reigns supreme, Aayush Jindal stands as a guiding light, illuminating the path to financial success with his unparalleled expertise, unwavering integrity, and boundless enthusiasm for the markets.","sameAs":["https:\/\/www.linkedin.com\/in\/aayush-jindal-358b6932\/","https:\/\/x.com\/twitter.com\/AayushJs"],"url":"https:\/\/wncen.com\/author\/aayushjindal\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Is Forming a Double Top At $6,000, And Now At Risk Of a Big Drop","url":"http:\/\/wncen.com\/news\/bitcoin-is-forming-a-double-top-at-6000\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-is-forming-a-double-top-at-6000\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/shutterstock_483754666.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/shutterstock_483754666.jpg?fit=1000%2C667"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Aayush Jindal"}],"creator":["Aayush Jindal"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc"],"dateCreated":"2020-03-16T05:18:00Z","datePublished":"2020-03-16T05:18:00Z","dateModified":"2024-06-11T09:03:10Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Is Forming a Double Top At $6,000, And Now At Risk Of a Big Drop\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-is-forming-a-double-top-at-6000\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-is-forming-a-double-top-at-6000\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/shutterstock_483754666.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/03\\\/shutterstock_483754666.jpg?fit=1000%2C667\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Aayush Jindal\"}],\"creator\":[\"Aayush Jindal\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\"],\"dateCreated\":\"2020-03-16T05:18:00Z\",\"datePublished\":\"2020-03-16T05:18:00Z\",\"dateModified\":\"2024-06-11T09:03:10Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/03\/shutterstock_483754666.jpg?fit=1000%2C667","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/418253"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/67"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=418253"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/418253\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/418255"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=418253"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=418253"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=418253"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}