Bitcoin Price Prediction: Bitcoin Price Paints Double Top Pattern, $19K Next Stop?

• Bitcoin price is painting four bearish candles continuing in the intraday trading session.
• Price action is showing signs of a bearish trend as a double top formation is emerging.
• Sellers placed a sell order at the $21K level, which acts as a major resistance.

The nature of the crypto market has been looking low volatile for the past several trading weeks. Although the traditional markets have already filled the pockets of the bulls with gains, the crypto market’s leading digital asset is still creeping up.

Crypto Market Head – Bitcoin price continues to maintain the crucial round level level of $20K for the past eight trading sessions. Apart from bitcoin, the rest of the altcoins have already delivered remarkable returns over the past few days. According to CMC, Dogecoin was the top weekly gainer, reporting a rally of over 100% in just a few weeks.

Although the traditional market has already performed in October, the rest of the cryptocurrency market. Over the past 7 days bitcoin price has set a trading range of $21K and $20K. As a result, there was a sharp drop in market volatility, therefore, there was a steady extension of the range-bound phase.

 Bitcoin price prediction in 4 hours chart

After a bullish breakout above the ideological round level of $20K, buyers met with another bullish hurdle of $21K. As of now bulls barely hold Bitcoin price above the support trendline (above the chart). Buyers got bullish price rejection twice at $21K level and if buyers fail to hold $20K support level, bears may take advantage of strong bearish pattern-Double Top.  

Bitcoin Price Prediction in Day Chart

Against the USDT pair, bitcoin price remains at the $20370 mark at press time with an intraday drop of 0.42%. Due to the sell-off, trading volume declined 14% overnight and was reported at $38.3 billion.

On the daily price chart, the 20 EMA (at $20K) looks like an upcoming hedge zone. From the EMA indicator side, the bitcoin price prediction shows a 20 EMA retest before a bounce-back. Also, the Simple RSI and Stoch RSI are ready for a dive into the lower levels.

Conclusion

Due to low volatility, bears continue to sell bitcoin price. The RSI indicator is also reversing, suggesting a price decline that could lead the bitcoin price prediction towards the 20-day exponential moving average.

Technical Levels

Support level – $20,000 and $19,000

Resistance level – $21,000 and $25,000

Disclaimer 

The views and opinions stated by the author, or any people named in this article, are for informational ideas only, and they do not establish financial, investment, or other advice. Investing in or trading crypto assets comes with a risk of financial loss

Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

Latest posts by Steve Anderrson (see all)