What's next for Bitcoin after the cryptocurrency falls below 90,000 US dollars? Watching key levels

Bitcoin (BTCUSD) today fell below 90,000 US dollars and continued in the last month of his record high set, since the economic uncertainty burdened the mood of the investors.

The price of Bitcoin, which used to fall less than 86,000 US dollars a day before it recently recaptured around 89,000 US dollars, was put under pressure from the news that the tariffs of the Trump government in Mexico and Canada continue as planned as planned become. As a rule, investors consider the tariffs to be inflationary, which could sink possible interest reductions this year, a step that weighs the non-increasing risk-on assets such as Bitcoin.

With regard to the front, March is a mixed month for Bitcoin in the past, with cryptocurrency achieving an equal amount of positive and negative returns for the month between 2013 and previous year. According to Crypto Analytics Site Coing. Bitcoin has gone 5% since the beginning of the year, but has still increased by about 25% since the US presidential election, which hope that Trump White House and a crypto-supporting congress will say goodbye to the asset class.

In the following we take a closer look at Bitcoin's diagram and use technical analyzes to determine important price levels that are worth observing.

Double top cut -out failure

Since two different peaks were founded between December and January, Bitcoin's price has continued to be lower, which creates a textbook -double top pattern. In addition, a decisive breakdown under the excerpt over the above -average volume in the trading session on Tuesday confirms the formation.

It is also worthwhile to point out that the relative strength index (RSI), when cryptocurrency made a slightly higher maximum last month, forged a comparatively flatter peak to signal a barical divergence, a technical event that is on a weakening Price impulse indicates.

However, the latest sale has also brought the RSI indicator to an oversized area, which increases the possibility of a short-term upswing.

Let us identify several crucial support and resistance levels in Bitcoin diagrams that investors may observe.

To observe decisive support levels

The resale under the section of the Double Top could first look down to the level of $ 80,400. This area in the table can be supported near the sliding 200-day average (MA) and the locking and opening prices of two important bars, which formed during an impulsive step in mid-November.

The next crucial support level for the observation is around 74,000 US dollars. In view of it, investors could consider this region to a horizontal line as a purchase opportunity that connects several prominent tips on the map between March and October last year.

To monitor key resistance levels

In a recovery above the Double Top section, the price of the cryptocurrency at the level of $ 98,500 was $ 98,500. November.

After all, a conclusion over this area could lead to a renewed test of the 106,000 dollar level. Investors who are on average down can make profits near the two tips of the double top pattern.

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Until the date on which this article was written, the author has none of the above securities.