RATE Group | Bitcoin Holds Gains but Technical Patterns Hint It Will Fall to $5K
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Bitcoin Holds Gains but Technical Patterns Hint It Will Fall to $5K

04 Apr Bitcoin Holds Gains but Technical Patterns Hint It Will Fall to $5K

Posted at 11:58h in Bitcoin News by

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Bitcoin has surged by up to 24 percent ahead of closing the week despite the Coronavirus-induced global market sell-off. Nevertheless, the benchmark cryptocurrency could end up losing a large chunk of its gains heading into the new seven-day timeframe.

That is because of two bearish indicators. As Bitcoin trends upward, it is leaving behind a trail of pivot highs and lows converging towards a single point known as the apex. These price movements are forming a Rising Wedge, a reversal indicator seen in the bear markets. Meanwhile, bitcoin’s daily volume is falling, which also indicates a trend reversal is underway.

bitcoin, bitcoin price, btcusd, cryptocurrency, crypto

BTCUSD forming two bullish reversal patterns at the same time | Source: TradingView.com, Coinbase

Both Rising Wedge and Volumes are working hand-in-hand to push the bitcoin price down, Evidence of such behaviors are stamped across the trading history of traditional markets. The e-mini Russel Index in 2007, for instance, surged impressively amidst the Shanghai stock market…

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