BTC price reverses from $21,875, inchoating a double top pattern with a neckline at the $18,800 mark. Will buyers avoid a bearish breakout rally? Key technical points: BTC prices have decreased by 2.79% in the last 24 hours. The price action shows a double top pattern in the daily chart. The 24-hour trading volume of Bitcoin is $27.85 Billion, indicating a rise of 0.49%. Past Performance of BTC The BTC price shows a bullish failure to surpass the $21,875 resistance level to give a bullish breakout of the double bottom pattern. Additionally, the retracement results in an 8% drop in the last three days and cracks below the $20,000 psychological mark. Thus, the price action prepares to test the yearly bottom support at $18,850. However, the lower price rejection in the daily candle teases a bullish fightback, which may result in an early offside reversal. Source- Tradingview BTC Technical Analysis The BTC price chart shows a drop in trading volume compared to the last two days increasing the possibility of an upside reversal. Hence traders must wait for price action confirmation before preparing a shorting strategy. The MACD indicator shows a growing bearish influence on the fast and slow lines as the positive histograms tumble to the zero line. Furthermore, the vortex indicator indicates a bearish trend reversal as the VI lines regain the negative alignment and the spread increases. However, the RSI indicator shows a bullish div...
