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Bitcoin and all of the cryptocurrency markets have been caught in the turmoil of recent volatility, resulting in the formation of a BTC consolidation period.
This period of consolidation has left many traders wondering what direction to take for the future, but badysts now note that the formation of several downtrend technical formations could indicate the strong possibility that crypto falls below the region. $ 9,000. -future.
Bitcoin goes down slowly, but a sudden fall could be imminent
At the time of writing, Bitcoin is trading at close to 2% at the current price of $ 11,420, a significant drop from its record high of almost $ 12,000 for the past 24 hours.
The BTC rise to $ 12,000 yesterday and the subsequent decline today indicates that the bulls have not been able to regain control of the cryptocurrency, which could mean the imminence of further losses.
This downward pressure on Bitcoin since its inception was quickly raised to $ 13,800 at the end of June, causing an avalanche of sales pressures that pushed it down to its current price levels.
Today, a leading badyst in the field of cryptocurrency notes that BTC has formed a bearish pattern for the head and shoulders, which could result in a brutal and sharp drop to less than $ 9,000 if his neck falls breaking.
"$ BTC – if this neckline breaks down," noted worryingly Chonis Trading in a recent tweet.
$ BTC – If this neckline breaks down …#bitcoin pic.twitter.com/ltvWAyL0fs
– Chonis Trading-⚔️ (@BigChonis) July 13, 2019
Analyst: BTC must hold more than $ 10,900 for price to maintain stability
Chonis is not alone in his bullish view of Bitcoin, other notable badysts noting that cryptocurrency currently rests on the edge of a precipice, which could lead to even greater losses.
Josh Rager, another Twitter badyst, spoke in a tweet about BTC's recent price action, explaining that he viewed the low-9,000 dollar region as a short-term price target , baduming that Bitcoin is unable to maintain itself above $ 10,000.
"Perspective $ BTC Daily: We really want the price to stay and is above $ 10,900 to keep hope. Any break below $ 10,577 would mark a change of trend in the short term and I would consider that the next target of the daily would be $ 9. The IMO bull market (it's just a pullout), "he said.
$ BTC Daily perspective
Really want the price stays and closes above $ 10,900 to keep hope
Any break below $ 10,577 would indicate a short-term trend change and I would aim for a $ 9,000 drop as the next target of the daily
Still bullish IMO market (would be only one withdrawal) pic.twitter.com/qchEn93mqA
– Josh Rager ? (@Josh_Rager) July 13, 2019
It is highly likely that badysts will soon understand whether Bitcoin and aggregated cryptography markets will soon experience a sharp drop, or whether bulls will intensify and push up the price of cryptocurrency in the near future.
Selected image of Shutterstock.
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