BTCUSD: Bearish Engulfing Pattern Below $25196
Bitcoin was unable to sustain its bullish momentum and after touching a high of 25196 on 15th Aug started to decline against the US dollar, coming below the $24000 handle today in the Asian trading session.
We can see that bitcoin failed to clear its resistance zone located at $25500 for the third time this month.
After touching a high of $25196, we can see some downward correction in the price towards the $23776 level.
We can clearly see a bearish engulfing pattern below the $25196 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend.
Bitcoin touched an intraday high of 24250 in the Asian trading session and an intraday low of 23787 in the Asian trading session today.
Both the STOCH and Williams percent range are indicating an overbought level which means that in the immediate short term, a decline in the prices is expected…More info: blog FXOpen
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