On May 8th, the Bitcoin price witnessed a sudden sell-off recording a 2% intraday loss. The selling pressure could be triggered when Binance world’s largest crypto exchange paused Bitcoin withdrawals twice since yesterday amid a spike in gas fees. With this price drop, the sellers breached the support trendline of the symmetrical triangle pattern reflecting a high possibility of prolonged correction.
- The Bitcoin price ends two weeks of consolidation on a bearish note hints an upcoming downfall
- A breakdown below the pattern’s support trendline accelerates the selling pressure on the Bitcoin price
- The intraday trading volume in Bitcoin is $15.2 Billion, indicating a 21% gain.
By the press time, the Bitcoin price traded at $28035 and shows a bearish breakdown from the support trendline of the triangle pattern. The coin price resonated within this triangle for the past three weeks, projecting an uncertain sentiment among market participants.
However, this breakdown tilts the favor on the sellers’ side and offers them additional resistance to pressurize buyers. A daily candle closing below the trendline can provide a short entry opportunity to traders and extend the current retracement phase.
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The potential downfall may drive the prices 3.6% down to hit $27000, or 10% to hit $25000 in bearish market sentiment.
In case, the daily chart shows a long lower price rejection to raise above the trendline, the bearish thesis will get invalidated.
Exponential Moving Average: With the recent drop, the Bitcoin price retested the support of the 50-day EMA slope. A breakdown below this slope will increase the possibility of a significant correction.
Relative Strength Index: A downtick in the daily RSI slope plunge below the mean line reflects aggressive selling pressure in the market.
Bitcoin Price Intraday Levels
- Spot rate: $2808
- Trend: Bearish
- Volatility: Medium
- Resistance levels- $31200 and $34600
- Support levels- $27000 and $25000
The post Crypto Sellers Aim $25000 Bitcoin Price Amid New Triangle Pattern Breakdown appeared first on CoinGape.
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