The king of cryptocurrency Bitcoin BTC is moving in strong since the 20th of July 2020 and as you read these line the king appears to be moving into a reverse head and shoulder movement. For those who are unaware of the head and shoulder movements, it is a trading chart pattern that is generally associated with an upcoming crash in the price.
In the past five days, Bitcoin price has been moving in a rather unstable pattern and there were no real predictive movements on the short term scale while the lowest points were with on the 25th and then the 27th of August near $11125. Tells a lot about the unstable nature of the cryptocurrency, while on the other hand, the price managed to stabilize above the $11300 mark after the gradual climb on the 28th of August, 2020. At the time of writing Bitcoin is trading for $1164.33 with a possible spike in price given that the reverse head and shoulder as marked on the chart above continues to play.
Bitcoin price on technical indicators
Bitcoin price movement is all about technicalities, and that’s no secret, two of the major indicator charts, i.e. the Trading View buy/sell market emotion chart and the fear and greed index are both supporting our simple analysis that the cryptocurrency is likely to go past the current barriers and onto the new highs.
The strong buy signal indicates that the market is likely to go up in the near future while the 75 greed score on the fear and greed index is a representation of the same situation on a different scale. Having said that, let’s take a look at what some of the analysts on the trading view platform feel about the current situation.
Bitcoin price movement per the analysts
Analyst IndexaCo believes that the cryptocurrency has had a couple of false breakouts until now but it is very likely to get past the current indecisive movement and onto the new levels, breaking through into the bullish.
Another famed analyst on Trading View, Rocket Bomb believes that the king of cryptocurrency is likely to break through to the $12400 mark, however, the analyst believes in a slightly different movement, where the coin would crash once again towards the $11,200 range before taking the leap towards the big number.
On the other hand, a monumental decision taken by the United States Federal government is also likely to play its role in the market movement. As Ripple CEO Brad Garlinghouse explains that the newly incepted low to no interest rate policy is likely to benefit not only the big gun of cryptocurrency Bitcoin BTC but also other altcoins. Albeit it may not be as good for dollars since Garlinghouse expects a debasement on that front.
Regardless of what the charts say, Bitcoin has always displayed a tendency to sway in a direction it very well pleases which is why we always support cautious trading moves. Happy trading.
Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.
