A Closer Look at Bitcoin Price Action
As the global economy takes a hit, institutional investors appear to have rushed to Bitcoin, the digital gold, as a hedge. BTC/USD appears to have formed a Double Bottom chart pattern. As of Asian session on Monday, the pair is testing the upper band of the daily Ichimoku cloud.
The first few days of the week could see a slowdown in Bitcoin’s bullish moment especially if the stock market sees some gains. From a technical point, the upper band of the Ichimoku cloud is acting as a resistance. It also happens to fall on the 50% Fibonacci retracement level that traced the recent downtrend from around $13K to $9,375. With that, we could see potential pullbacks towards the pivot levels of $1,1254, $10,640, and maybe even $10,242.
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