The Bitcoin price created a double top and decreased towards the breakout level. It retested the breakout level and has possibly flipped it as support. At the current time, it is in the process of making another attempt at moving above the resistance area.
Bitcoin Price Highlights
- The Bitcoin price created a double top combined with bearish divergence.
- It retested the level of the breakout.
- There is resistance at $7700 and $8150.
- There is support at $7400.
Bitcoin Price Breakout
After the breakout, the Bitcoin price made two attempts at moving above $7700. Both attempts were unsuccessful and the price decreased following the second one. It created a bearish engulfing candlestick and began to decrease. It retested the level of the breakout near $7400 and began to increase. This is a common movement after breakouts.

Daily Time-Frame
Looking at the daily time-frame, we can see the selling pressure at the $7700 resistance area by the long upper wicks. However, that coincided with the 10-day moving average (MA), which the Bitcoin price is using as support. A price close above these wicks would likely take us to the second resistance area at $8150.
Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile.
Disclaimer
BeInCrypto strives to provide accurate and up-to-date information, but it will not be responsible for any missing facts or inaccurate information. You comply and understand that you should use any of this information at your own risk. Cryptocurrencies are highly volatile financial assets, so research and make your own financial decisions.
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