RATE Group | Bitcoin Bulls Alert: This Head & Shoulders Pattern Could Trigger Violent Drop
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Bitcoin Bulls Alert: This Head & Shoulders Pattern Could Trigger Violent Drop

02 Feb Bitcoin Bulls Alert: This Head & Shoulders Pattern Could Trigger Violent Drop

Posted at 06:34h in Bitcoin News by

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Bitcoin traded to a new 2020 high at $9,575 and recently corrected lower against the US Dollar. It seems like a head and shoulder pattern is forming, which could drag BTC towards $8,800.

  • After a steady rise, bitcoin price struggled to gain momentum above $9,500 against the US Dollar.
  • The price is currently declining and it could slide below the $9,150 support.
  • There was a break below a major bullish trend line with support near $9,400 on the 4-hours chart of the BTC/USD pair (data feed from Kraken).
  • A crucial head and shoulders pattern is likely forming with support near $9,150.

Bitcoin Is at Risk of a Sharp Decline

This past week, bitcoin extended its upward move above the $9,200 and $9,400 levels against the US Dollar. BTC price even spiked above the $9,500 resistance area and settled above the 100 simple moving average (4-hours).

However, the bulls struggled to remain in action above the $9,500 resistance area. A high was formed near $9,575 and the price started a downside correction….

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