Bitcoin May Confirm a Massive H&S Pattern, Marking a Long-Term Top

Tuesday 9 July 2020, 9:59 AM AEST - 4 weeks ago

  • Bitcoin is currently in the process of breaking out of its trading range between $9,000 and $9,300
  • The crypto is now showing some signs of strength following yesterdays harsh rejection at $9,350 that sent it reeling to $9,100
  • If BTC buyers can perpetuate this upwards momentum, one analyst is now noting that $9,850 is in the cards
  • He also believes that it will face a rejection at this price level, which could confirm a massive head and shoulders (H&S) pattern
  • If confirmed, this pattern alone could spark the next Bitcoin bear market

Bitcoin is about to break out of its trading range, with buyers currently battling with sellers as it hovers just above $9,300.

The crypto has been trading here throughout the past several hours, and it remains unclear as to whether or not bulls have enough strength to catalyze a decisive move higher.

Despite the current indecision, some analysts are noting that Bitcoin will soon make a massive movement that offers significant insight into its mid-term outlook.

This movement may favor bears, as one pattern that is currently in play could soon mark a macro top for Bitcoin and the entire cryptocurrency market.

Bitcoin Continues Consolidating as Analysts Watch for a Massive Movement

At the time of writing, Bitcoin is trading up marginally at its current price of $9,310. This is around where it has been trading throughout the past several days and weeks.

This is a significant level, as it marks the upper boundary of the trading range that it has been caught within for the past several weeks.

As of late, every attempt to move beyond this range has been met with an influx of selling pressure.

As Bitcoinist reported yesterday, investors may soon have a better idea of Bitcoins macro trend.

One analyst cited within the report explained that historical data suggests bouts of volatility this low are typically followed by $3,000+ movements.

BTC Forms Bearish H&S Pattern; Heres How It May Be Confirmed

Bitcoin is somewhat neutral at the present moment, but there is one pattern currently in play th ...

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