Biget Token Price Forecast: BGBUSD Forms Double Bottom Pattern

Bitget Token Price Forecast: March 17

Biget Token commenced the year in a consolidation phase, characterized by a narrow trading range. The 9-period Moving Average provided support until January, when the 21-period Moving Average converged, signalling a reversal. Throughout this period, the Relative Strength Index (RSI) indicated an overbought market, suggesting that the bulls were losing momentum. The bulls’ failure to sustain upward momentum led to a change in market direction.

Demand Levels: $3.90, $2.70
Supply Levels: $4.90, $7.80

In early February, the 9-period Moving Average crossed below the 21-period Moving Average, confirming a bearish trend. Concurrently, the RSI slope had already transitioned into a bearish trajectory, departing from the overbought region and signaling a downtrend. The daily candles subsequently repositioned below the Moving Averages, revealing the ongoing decline.

The price has declined into the significant bullish order block at $3.90, resulting in the formation of a double bottom pattern. However, the pattern remains unconfirmed until a breakout above the neckline occurs. A breach of the $3.90 support level is expected to precipitate a price decline to $2.70. Conversely, a successful breakout above the neckline could invalidate bearish crypto signals and pave the way for a potential reversal.

On the 4-hour timeframe, a descending triangle pattern is evident. This formation typically suggests a bearish bias, but a breakout in either direction will provide insight into the market’s next direction. Currently, sellers maintain dominance, but a breakout above the triangle’s resistance could shift the balance in favor of the bulls.