BTC/USD hints at a forming negative pattern - Technical Analysis - 15-01-2016
BTC/USD gave up ground in the short-term trading, after the pivotal resistance of 463.70 held on for the second time, hinting thereafter at the forming of a negative technical pattern that is contradictory to the main upward trend in the medium and long terms, the Double Top pattern, as shown in the attached chart. The pair then trespassed the simple moving average for the last 50 days period, leaning eventually on the support of that forming technical pattern at 407.99.
Therefore we expect more losses to come for the pair, especially if the support of 407.99 was breached, confirming that forming negative pattern, and targeting thereafter the support of 375.49.
Trend
Bearish