Bitcoin reacts to the formed double top pattern on failing to break above $5,343.
The bulls must defend the short-term support at $5,200 to avoid declines that could refresh the levels close to $5,000.
Bitcoin continued with the upside during the just concluded weekend trading sessions. There was a break above $5,200. BTC/USD extended the gains towards las week’s high around $5,343. At press time, an ongoing bearish momentum currently risks sliding below the trendline support.
The failure to correct above last week’s high resulted the formation of a double-top pattern that currently paving the way for a bearish reaction. The bulls must defend the short-term support at $5,200 to avoid declines that could refresh the levels close to $5,000.
According to the technical levels shown by the applied indicators show that the bears have an upper hand. The RSI 1-hour at 57 is trending lower after being rejected from the overbought. The MACD in the same range has not been able to correct to the levels formed at the beginning of last week. Besides, it is holding ground slightly above the mean line.
If the bulls are able to defend $5,200 support in the short-term, we can then expect BTC/USD to stay in a range below the limit at $5,343. However, if losses ensued $5,00, $4,800 and $4,000 will work as key support zones.