Double bottom failure, trades below 1-hour MA
BTC/USD (Bitcoin) currently trades below the 1-hour 50-MA level of $2351 after having failed to cut through the double bottom neckline resistance of $2410.
The double bottom fakeout suggests the sharp recovery from the low of $2250 was nothing more than a technical correction and the selling could gather pace if the virtual currency takes out the head and shoulders neckline support of $2279 levels.
Over the last 24 hours, Bitcoin has dropped 2.23%. Ethereum is down almost 10% at $205.44 levels. Ripple has lost 8.18%, while EOS, Stratis, BitShares are down 13% to 19% respectively.
As per coinmarketcap.com, the total market capitalization stands at $83.5 billion, while the Bitcoin dominance is 46.2%.
BTC/USD (CoinBase) Technicals
A break above $2351 (1-hr 50-MA) would expose double bottom neckline of $2410. A daily close above the same would signal that the sell-off from the recent high of $2999 has ended. On the downside, an end of the day close below $2279 (head and shoulder neckline) would open doors for $1913.19 (May 27 low).
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