The king of cryptocurrency Bitcoin BTC has been soaring as the Bitcoin price moves past $11700 range since the 2nd of September after moving into two different short term head and shoulders. The king of cryptocurrency is notorious and for a well earned reputation. It looks like Bitcoin price is now living proof of the cryptocurrency king’s known fluctuations that amount to the most part in the recent history of the cryptocurrency price movements.
Bitcoin price in a possible head and shoulders?
Bitcoin price moved into a short term reverse head and shoulder movement as predicted a couple of days ago albeit only to fall back into two back to back short term head and shoulders. Despite the two patterns evident on the price charts the cryptocurrency managed to break past the psychological barrier of $11700 range and onto the $11900 range after briefly enjoying a move past the $12000 mark. But, of course, that was not the end of the line nor the price movement.
While writing these lines Bitcoin price is still fluctuating to find some consolation above the $10000 mark. This is one of the most important falls in the past few months since September is known to be the make and beak month for the traders. Most hodlers wait year long in the psychological pattern that appears every year in the last quarter of the year. Traditionally the third quarter sees the highest yearly rise in the Bitcoin price and all year around losses are usually covered in this time.
Bitcoin price on the analysts’ radar
Last week famed Trading View analyst Trading Shot predicted that the cryptocurrency king is moving into a pump and dump action and that is a good reason to believe that the price if going to go further down. The expert analysis coupled with the current BTC price movement is tantamount to the fact that the cryptocurrency is in for a long action and may fall further down before rising up to the new highs. But even the analyst wasn’t expecting such a bad fall for the King.
Excavo is another major cryptocurrency analysts who believes that the king of cryptocurrency is headed for a long term price movement and the bears would not last much longer. Excavo believes that the king has hit the major support line and there is no further falling then the current price levels.
The analyst finds the major support bar covering the $9918 – $1081 range, that happens to cover Bitcoin price. They further believe that the cryptocurrency would soon take a hike and the support levels would move to the $10722 – $10986 range. Yet, the time line is not very clear on this hike.
Given the current market sway and the fact that DeFi is attracting more attraction than the traditional cryptocurrency investment makes the market even more volatile. Cautious trading at this point is going to be crucial, yet, the day traders would be able to make some money off the fluctuations, but not in large chunks.
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.