Bitcoin’s (BTC) upward momentum has shown a significant decline for the past two weeks or so. This development led to a bearish signal on the weekly and an uncertain outlook on the monthly. As a result, BTC might not be clear of potential sell-offs.
Bitcoin’s weekly chart showed a bearish Swing Failure Pattern (SFP) confirmed on March 17. This technical indicator occurs in an uptrend when the price attempts to break above a significant resistance level but fails to sustain momentum. This development leads to a reversal in the price direction, often signaling a potential shift in the market sentiment from bullish to bearish.
Bitcoin’s weekly chart showed a bearish Swing Failure Pattern (SFP) confirmed on March 17. This technical indicator occurs in an uptrend when the price attempts to break above a significant resistance level but fails to sustain momentum. This development leads to a reversal in the price direction, often signaling a potential shift in the market sentiment from bullish to bearish.
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