Bitcoin to See a Massive Trend-Defining Movement Because of This Simple Pattern

Following yesterday selloff that sent Bitcoin down to lows of $9,500, the cryptocurrency’s buyers have been able to absorb the intense selling pressure and push BTC higher, with it finding some decent stability within the upper-$9,000 region.
In the near-term, BTC does appear to be entering another fresh uptrend, as it is currently in the process of retesting the $10,000 region.
It is important to note that the benchmark cryptocurrency has also been trading within a descending channel, with its ultimate reaction to this pattern likely setting the tone for how it will trend in the weeks and months ahead.
Bitcoin Exits Consolidation Phase, and a Big Trend-Defining Movement is Inbound
At the time of writing, Bitcoin is trading up 3% at its current price of $9,950, which marks a notable upwards movement from the consolidation phase it had been caught within around $9,600.
BTC’s recent break below $10,000 had led many analysts to believe that the crypto’s bullish market structure was on the cusp of being invalidated, but its signs of bullishness in the time since this drop occured seems to have invalidated this bearish sentiment.
Whether or not the crypto continues climbing higher or starts seeing intense bearishness could depend on how a descending channel it is currently caught within resolves.
Teddy, a popular cryptocurrency analyst and trader, spoke about this in a recent tweet, explaining that a bullish breakout could validate it as a bull flag, whereas a break below could spark a bout of capitulation.
“BTC: Crucial moment right now, as a bounce or break below this level will define where the trend will go in the mid-term. 1. Is this a bull flag? break small down channel and continue uptrend? 2. Break below, and build greater down channel?”

Ripple (XRP) Retreats From Key Resistance But Bulls Are Comfortable
Tuesday April 07, 2020

Ripple is up close to 10% and it broke the $0.2000 resistance against the US Dollar. However, XRP price struggled to gain strength above $0.2025 and it is currently correcting gains. Ripple price is...

The post Ripple (XRP) Retreats From Key Resistance But Bulls Are Comfortable appeared first on 12bitplay - Bitcoin Play.

#BITCOIN | $BTC
Crucial moment right now, as a bounce or break below this level will define where the trend will go in the mid-term.
1. Is this a bull flag? break small down channel and continue uptrend?
2. Break below, and build greater down channel? pic.twitter.com/FCkSx47hNJ
— TEDDY (₿) (@TeddyCleps) February 18, 2020

Top Analysts Target Move to $5,000 as Bitcoin Remains Beneath Critical Level
Saturday April 04, 2020

Following Bitcoin’s recent rejection at $7,300, the benchmark cryptocurrency has once again established another bout of sideways trading within the upper-$6,000 region, with bulls and bears reaching an impasse as its near-term trend grows...

The post Top Analysts Target Move to $5,000 as Bitcoin Remains Beneath Critical Level appeared first on 12bitplay - Bitcoin Play.

History Suggests This Next Move Will Favor Bulls 
While looking at the aforementioned pattern, it is important to note that this isn’t the first time that that Bitcoin has found itself caught within a similar descending channel, with the same pattern previously resulting in notable uptrends.
“BTC: Price did indeed repeat pattern: 1. Rising wedge 2. Strong rejection from resistance 3. Break support 4. Make everyone freak…out 5. Retest previous resistance as support (as we speak)…and hopefully 5. Bounce to Pluto,” he explained.

What’s Next For Bitcoin After Brutal Rejection At Key $7,000 Price Point?
Saturday April 04, 2020

Just two hours ago, Bitcoin started to rally after trading at $6,700 for most of Saturday morning and afternoon, rallying as high as $7,020 in a vertical move that brought the asset 4%. But,...

The post What’s Next For Bitcoin After Brutal Rejection At Key $7,000 Price Point? appeared first on 12bitplay - Bitcoin Play.

#BITCOIN | $BTC
Price did indeed repeat pattern:
1. Rising wedge2. Strong rejection from resistance3. Break support4. Make everyone freak the fck out5. Retest previous resistance as support ( as we speak )
..and hopefully
5. Bounce to Pluto () pic.twitter.com/wZPJtSjnD9
— TEDDY (₿) (@TeddyCleps) February 18, 2020

If this pattern does resolve in a sustained bull-favoring movement, it is highly probable that it will once again fly past $10,000 and potentially set fresh year-to-date highs.
Featured image from Shutterstock.

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