Bitcoin Price on Brink of Major Fall to $60K
The price of Bitcoin is resting on its bull market trendline after being rejected at the 200-day Simple Moving Average (SMA), which has now formed resistance.
This break-down is part of a larger pattern where Bitcoin is creating lower highs and lower lows, indicating that it's on the verge of a significant fall to lower levels.
The target price mentioned in this scenario is $60,400, based on a measured move from the head and shoulders pattern neckline.
In the daily time frame chart, the Relative Strength Index (RSI) has broken down below its ascending wedge, which may confirm that more downside is ahead.
The weekly Stochastic RSI is also showing a 'much-feared cross-down', which could lead to a crash of similar proportions to those seen in previous bear flags.