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The daily chart shows that the BTC/USD pair formed a double-top pattern.
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- Sell the BTC/USD pair and set a take-profit at 24,700.
- Add a stop-loss at 27,000.
- Timeline: 1 day.
- Set a buy-stop at 26,000 and a take-profit at 27,000.
- Add a stop-loss at 24,500.
Bitcoin price remained under intense pressure this week as demand, volatility, and volume continued falling. The BTC/USD pair retreated to 25,932, which was much lower than last week’s high of almost $30,000.
Bitcoin’s consolidation coincided with the decline in American equities as investors waited for the upcoming Jackson Hole Symposium. The Dow Jones index fell by 142 points on Tuesday while the S&P 500 fell by 20 basis points. At the same time, the US dollar index surged to $103.46 while the VIX jumped to $17.
A key concern among investors is that there is low demand for Bitcoin in both centralized and decentralized exchanges (DEX). Data published by The Block shows that the volume of cryptocurrencies traded in key exchanges dropped to the lowest level since 2021 in July.
The next likely catalyst for the BTC/USD pair will be the upcoming Jackson Hole Symposium. This is an important meeting that brings in top economists and central bank officials. The statement by Jerome Powell will provide guidance on what to expect in the coming months.
The 4H chart shows that the BTC/USD pair has been in a strong bearish trend in the past few days. It crossed the important support level at 28,487 (August 1 low) on Friday. The pair has remained below the 50-period moving average.
Most importantly, the BTC/USD pair has formed a bearish flag pattern that is shown in black. This pattern is characterized by a flag pole and a flag-like pattern. The Average True Range (ATR) has retreated, signaling that volatility is falling.
Therefore, the pair will likely continue falling as sellers target the key psychological level at 25,000.
The daily chart shows that the BTC/USD pair formed a double-top pattern. In price action analysis, this pattern is one of the most bearish signs. The pair has also dropped below the ascending trendline that connects the lowest levels since January this year.
It has also moved below the 50-day and 200-day moving averages while the Relative Strength Index (RSI) has moved to the oversold level. The pair will likely continue falling, with the next target being at 24,770 (June 15 low).
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