Here’s When the BTC Price May Breakout!

The Bitcoin price has become more predictable in recent times as the price movement has been confined within a range. The recent attempt that pushed the prices above $71,900 flashed a major bullish signal for the crypto but the correction that followed has raised many concerns over the future of the BTC price rally. However, if observed carefully, the token is carrying a hidden bullish divergence, which may kick-start a fresh rally in the next few weeks. 

The star crypto appears to have begun printing multiple bullish patterns, indicating the possibility of a new upswing soon. Firstly, the price is trading within a bull flag pattern and secondly, there is the probability of forming an inverse head and shoulder pattern. With this, the BTC price is expected to break above the prevailing consolidation and also form new highs in the coming days. 

After surging heavily, the BTC price is consolidating, validating the formation of a bull flag. Besides, as seen in the above chart, the price has begun with a fresh descending trend, which may further certify the formation of an inverse head & shoulder pattern. With this, another plunge to $60,000 may be on its way, which may initiate a fresh bullish pushback above $70,000. This could be when the price reaches the neckline of the pattern, resulting in the beginning of a bull run towards new highs. 

The technicals have gone in favour of the bears at the moment as the MACD is displaying a drop in buying pressure. On the other hand, the RSI maintains a steep descending trend that substantiates a bearish claim. However, the MACD remains within a bullish range that keeps up the bullish hopes for the Bitcoin (BTC) price rally. 

See also  U.S. SEC Asking for More Millions, Dozens of Lawyers to Beef Up Crypto Oversight

Source link