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BTCUSD: Bearish Engulfing Pattern Below $28781
Bitcoin was unable to sustain its bullish momentum last week and after touching a high of $28781 on 22nd March, the price started to correct declining against the US dollar, touching a low of $26531 on 27th Mar.
We have seen a bearish opening of the markets this week.
We can clearly see a bearish engulfing pattern below the $28781 handle which is a bearish reversal pattern because it signifies the end of an uptrend and a shift towards a downtrend.
Bitcoin touched an intraday high of 27238 in the Asian trading session, and an intraday low of 26837 in the European trading session today.
The commodity channel index is giving a bearish divergence signal in the weekly time frame....More info: blog FXOpen
