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Technical analysis of BTC/USD 07/05/2024

Bitcoin is developing a downward correction, forming a double top pattern. The price has broken through the support level of 56500 (50% Fibo) and is currently in the area of 54300.

The technical picture suggests the development of a decline. The nearest support is the area of 52500 (61.8% Fibo), (MA200).

If the support at 52500 is broken, this will mean the work out of a double top pattern with a target in the 42000 area.

Created by Joshua Hayn

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