BTC/USD breaks descending pattern

Note: This section contains information in English only.
Source: Dukascopy Bank SA


The price for Bitcoin has broken the channel down pattern, which guided the more than 50.00% drop from the currencies all-time-high level.

In the aftermath of reaching below the 35,000.00 mark, the price started a recovery. The review of the pair conducted on February 14 revealed that the price has been recovering in an ascending channel pattern. On that date, the rate was located at the lower trend line of the pattern.

A breaking of the pattern could result in the pair looking for support in the 40,000.00 mark and the support and resistance zone, which surrounds it. Further below, the rate might once again look for support in the 35,000.00 level and the January low levels at 33,000.00/34,000.00.

However, a continuation of the recovery of the cryptocurrency in the pattern might find resistance in the 45,000.00 and 50,000.00 levels. In addition, take into account that the 200-day simple moving average could strengthen the 50,000.00 level's resistance.
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