Thursday, March 19, 2020

Bitcoin (BTC) Price Eyes $6,000 After 12 Percent Jump, Invalidates Major Bearish Pattern

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The Bitcoin (BTC) price has just touched an intraday high of $5,928 after rallying 12 percent. The leading cryptocurrency was short of reaching the $6,000 level before it shed some of its impressive gains. 
BTC
image by tradingview.com

Bears in disbelief 

This surge was nothing short of surprising for bears who were certain that Bitcoin would plunge below $5,000. As reported by U.Today, the top cryptocurrency was forming a bearish pennant, signaling that the downtrend was set to continue. 
Now, according to crypto trader Big Cheds, this bearish narrative has flown out the window. BTC is still stuck within an ascending triangle, but it could be still treated as a continuation pattern.  
4 hour - Though ascending triangles are usually continuation patterns, they can act as reversals as well. We have the *potential* for one here
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A long way to go 

Bitcoin has, so far, only managed to make up for slightly more than 50 percent of its gargantuan losses. The flagship cryptocurrency tanked by 38 percent one week ago.

While it's tempting to assume that Bitcoin might be on track for a trend reversal, it is still not clear whether it has decoupled from the U.S. stock market. Considering that all major indexes are currently in the red, this BTC rally might end up being short-lived.  



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Author: verified_user

My name is Chaudhry.I am founder of this site.I have over 10 years of experience in Crypto Market Trading Reporting, Journalism and Breaking news.in the tech and telecom sectors and also other related news. facebook twitter

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