Bitcoin price to undergo another head and shoulder?

Bitcoin price to undergo another head and shoulder

The king of cryptocurrency just came out of two consecutive head and shoulder movements on the five-day charts, and given the past Bitcoin price movement history, another is expected. The peak was recorded at the $9468 mark during the first head and shoulder.

Bitcoin price chart 1 - 11 July 2020

Bitcoin price chart by Trading View

Following the head and shoulder, the Bitcoin price fell to $9128 and followed on in the same range until another drop to $9124. A smaller head and shoulder movement was observed after the first major move when the Bitcoin price went back up to $9303 before dropping down below $9200.

Bitcoin price movement expecting new lows

Bitcoin price chart 2 - 11 JulyBitcoin price chart by Trading View

Trading view analyst EPPDX believes that the BTC price is going into a downtrend that may take the price as low as $9115.48.

While on the other hand, another expert EPPDX believes that BTC price shows the same $9100 range as the lower end of a forming diamond pattern on the cryptocurrency chart.

Bitcoin price chart 3 - 3 JulyBitcoin price chart by Trading View

At the time of writing BTC price stands at the $9255 mark while falling down from the $9266 mark at the start of writing. Bitcoin fear and greed index is showing a bad fear rating since last week and the cryptocurrency market usually follows the pattern that the king of cryptocurrency is setting up for the other smaller altcoins. The fear score of 41 is still not of extreme fear and there is hope for daily traders in short bursts.

Cautious trading is advised for all day traders and as for hodlers, as the saying goes, “hodlers gonna hold, traders gonna trade”.

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.

Saad B. Murtaza

Saad B. Murtaza

Journalist, Writer, Editor, Researcher, and Strategist with over 10 years of experience in the digital, print and public relations industries, Saad has been working with the mantra, Creativity, Quality and Punctuality. In his waning years promises to build a self-sustaining institute that provides free education. Carrying a diverse portfolio he has studied and written on topics related to cyber crimes, scams, blockchain, and cryptocurrencies.

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