- Bitcoin price failed to trade above the $500 level, and there was no daily close above the stated level this past week.
- The price traded lower after the failure to break the stated resistance area, and moved below the $400 level.
- In the last weekly analysis, I highlighted a triangle pattern on the daily chart with the data feed from HitBTC, which was cleared to ignite a downside move.
Bitcoin price may have created a short-term top around the $500 level, and it looks like the price may struggle to hold more losses moving ahead.
Price at Critical Area?
Bitcoin price found it hard this past week to trade higher, especially above the $500 mark. There were sellers around the stated level aligned from a long time defending the upside move. Finally, they managed to push the price down. There was a contracting triangle pattern formed on the daily chart via the data feed from HitBTC, as highlighted in the past weekly analysis.
The highlighted triangle pattern was acting as a support area for the price, but once sellers managed to break it, the downside move was sharp.