BTCUSD BREAKS NECKLINE SUPPORT
Bitcoin has tumbled a fresh 2018 trading low, as investor confidence towards cryptocurrencies continues to erode. The BTCUSD pair has fallen below the $3,507 support level, triggering a bearish head and shoulders pattern. The downside projection for the bearish pattern is around $800.00, which would send the number one cryptocurrency well below the $3,000 support level.
The BTCUSD pair is strongly bearish while trading below the $3,507 level, key support is now located at the $3,000 and $2,700 levels.
If the BTCUSD pair moves above the $3,507 level, key resistance is found at the $3,800 and $4,000 levels.