- Bitcoin price may fall as double dip formation in 1 hour chart
- There is a way to go before testing price line $ 8,800 neckline
- Upper break can cause same height increase with double dip formation [
The price of bitcoin (BTC) formed a double-bottomed pattern in the 1 hour time frame and had to break the neckline to confirm the climb.
Bitcoin had to break the neck line to confirm the climb.
The 100 SMA is still below the long-term 200 SMA to indicate that the resistance path is down the road. This means that the declining trend is more likely to continue to reverse. In addition, the 200 SMA goes up the pattern neckline to be attached as a tin of the mold.
The Relative Strength Index (RSI) takes action to show that buyers have sufficient energy to generate more profits. However, the oscillator is approaching excessive intake levels to reflect the depletion.
Market factors affecting the bitcoin price
Investors continue to monitor positive developments in the sector. However, until they occur, prudence continues after the price of bitcoin is rejected at a single resistance level. Investors are also closely following an inquiry into South Korea's largest crypto money exchange, Upbit.
On the contrary, the dollar is supported by hopes of stronger interest rate hikes especially for the June meeting of the Fed. Despite insufficient estimates of some data points, traders draw attention to positive figures on inflation and deceptive explanations from FOMC members.
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