RATE Group | Classic Trendline Breakout Sets Bitcoin for $10K Retest, Traders Say
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Classic Trendline Breakout Sets Bitcoin for $10K Retest, Traders Say

16 May Classic Trendline Breakout Sets Bitcoin for $10K Retest, Traders Say

Posted at 20:43h in Bitcoin News by

The price of Bitcoin (BTC) dropped to as low as $9,100 on May 15 following a strong rejection at $9,900. In the short-term, traders still anticipate another upsurge to the $10,000 area, or at least to the $9,800 resistance level.

Crypto market daily price chart. Source: Coin360

Bitcoin at a critical point that may decide its trend in Q3 2020

Top traders expect the price of Bitcoin to surge to $9,800 after the price demonstrated a classic technical pattern known as a falling wedge breakout.

In the last 36 hours, the Bitcoin price slid downward from $9,970 to $9,100, with barely any attempt of a significant recovery. That led Bitcoin to consolidate under a descending trendline with relatively low volume.

Bitcoin breaks out of a short-term trendline. Source: Satoshi Flipper

But on May 16, the price of Bitcoin recorded its first clean breakout since a local peak above $9,900 was achieved on May 14. The rebound of BTC from a key support area at $9,200 created a strong foundation for Bitcoin…

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