Is There a Possibility for Bitcoin to Rise Again? Analyst Announced

Bitcoin (BTC) price dropped drastically, but found support near $ 16,300 against the US dollar. According to analyst Aayush Jindal, BTC is likely forming a double bottom pattern and could recover if it clears $ 17,500.

Bitcoin holds the $ 16,300 support zone and trades over $ 17,000. The price faces strong resistance near $ 17,500 and is well below the 100 hourly simple moving average. There is a key bearish trend line showing resistance near $ 17,500 on the hourly chart of the BTC / USD pair. With support near $ 16,300, a possible double bottom pattern emerges.

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Price Rise Probably
There was a sharp drop in bitcoin price below the $ 18,000 and $ 17,200 levels. BTC even dropped below $ 16,500 before the bulls secured the $ 16,300 support zone. The bears made two attempts to bring the price below $ 16,300 and $ 16,200, but they were unsuccessful. There seems to be a possible double bottom pattern emerging with support around $ 16,300. Break resistance forms near the $ 17,500 level.

What Happens in Bitcoin Price?
There is also a key bearish trend line showing resistance near $ 17,500 on the hourly chart of the BTC / USD pair. The next major resistance is near $ 17,850. If the bitcoin price clears the rupture resistance at $ 17,500 and then rises above $ 17,850, it could start a strong increase. The next major resistance stands near the $ 18,400 level or the 100 hourly simple moving average.

Are There More Chances of BTC Downfall?
If Bitcoin fails to clear its breakout resistance at $ 17,500, there is a risk of a new decline. The first major support is near the $ 16,500 level. The main support is near the double bottom zone at $ 16,300. A one-day close below the $ 16,300 and $ 16,200 levels could open the doors for another retreat.

Technical Indicators:
Hourly MACD: The MACD is now gaining momentum in the bullish zone.
Hourly RSI (Relative Strength Index): The RSI for BTC / USD is currently recovering and approaching the 50 level.
Major Support Levels: $ 16,500 followed by $ 16,300.
Major Resistance Levels: $ 17,500, $ 17,850 and $ 18,400.

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