$BTCUSD Forex Signal: Bearish Flag Points to a Pullback to 22k
It pulled back to a low of 22,760 as the US dollar index held steady above $105. Bitcoin has also struggled because of the rising 2-year bond yield, which is approaching the important resistance point at 5%. As such, many investors are moving their funds from risker assets to relatively safe short-term government bonds.Bitcoin jumped to a high of $25,276 in February and then struggled to move above that level several times.
Its volume has retreated and on-chain data shows that liquidity has dropped to the lowest level since May last year. The chart shows that the coin has formed what looks like a double-top pattern whose neckline is at 21,284., which is a bullish sign. Also, it has actually formed a golden cross, which happens when the 50-day and 200-day moving averages make a bullish crossover.
Meanwhile, the Stochastic Oscillator has moved from the overbought level to below the neutral point at 50. Therefore, the pair has some more downside, which could see it plunge to a low of 20,000 if there are not enough buyers to push it above 25,275.On the 4H chart, we see that the BTC/USD pair formed a triple-top pattern at its highest point in February. The current price is notable since it was its lowest point on February 17.
Therefore, because of the bearish flag pattern, there is a high possibility that it will have a bearish breakout. If this happens, the pair will retreat to the first support level at 22,000. A break below that support will signal that bears have prevailed, which will see it retreat to a low of 20,000.
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