December 7, OctaFX – 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.
BTCUSD Technical Analysis
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.
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