Monday morning is starting to look pretty grim across crypto markets which are awash in red at the time of writing. Bitcoin has slid from a weekend high of just over $8,000 down to support at $7,500 a couple of hours ago. As Asian trading got underway BTC returned to $7,650 but the downtrend remains intact.
Bitcoin Price Dropped 10% Last Week
The candle that closed the week was the largest red Marubozu seen since the November slump last year. From $8,600 this time last week bitcoin price 0 0 has tumbled almost 11% to its current levels.
The chart pattern is quite clear; the indecisive doji followed by last week’s bearish retreat indicates that further losses could be on the cards.
BTC price, weekly candles. Tradingview.com
This has not gone unnoticed among traders and analysts who have been scanning the charts for an indication of Bitcoin’s next move. ‘The Crypto Dog’ is among those that have seen the head and shoulders formation.
Starting to look like $BTC triple bottoms here on the 4HR and $ALTS well… pic.twitter.com/5tTxzikdG0
— The Crypto Dog