The king of cryptocurrency is keeping traders in a state of distress for last few days while the Bitcoin price movement shows a clear head and shoulders on the charts. Yet, hope for a new high soon is not lost. While most analysts are predicting that the cryptocurrency may be in the bearish momentum at the moment, it is in for a nice and steady curve after the current movement.
Per the crypto fear and greed index, the current market sentiment has been set on the 40 mark since the 4th of September. The score fell from the 80 range observed until the 30th of September that translated into greed. Since the 4th of September the market is in the fear area with strong selling signals coming in on all major technical indicators.
Bitcon price coming out of a new head and shoulder
Bitcoin price is just coming out of a new head and shoulder movement on the charts completing the full circle as we write these lines. The price went in for nice high above $1500 but the strong resistance as explained by the analyst Trading Guru pushed the price back down towards the $1440 range within the next two hours. Following the $60 fall, the price lost support for the previously maintained $10300 range and is currently trading at the $10262 range.
Bitcoin price towards $11000
Bitcoin analyst, Moon333, explains on Trading View that, although the price movement is in on a bearish roundup, Bitcoin price is in for a new high after some consolidation. Looking at Moon333’s analysis, the current price movement seems completely normal. The analyst explains that, despite heavy beating, Bitcoin support levels are holding strong at the $10,000 mark, and making the bearish return a strong possibility.
Moon333 furthers that the king of cryptocurrency is still showing some bullish indicators, such as the moving average convergence divergence (MACD) scale and the momentum indicators. At the same time the Trading View buying and selling sentiment indicator also shows that on a weekly scale Bitcoin still stand in the strong buying area. A strong buying pattern usually follows an increase in price and the Trading View pattern is another indicator that provides ground to expect another bullish momentum coming in shortly.
Last but not the least, Bitcoin has been ranked the 6th largest currency on the globe, a mass adaption indicator that would allow further expansion in the post COVID-19 world. As the market and economic conditions improve over time the regular Bitcoin trend is also likely to return; taking the price to the expected yearly high.
The next few weeks are extremely important for the Bitcoin price movement as the last quarter has traditionally seen the highest Bitcoin prices of all time since 2017. On the other hand, Bitcoin is also known for extreme volatility showing as heavy as $1000 jumps in a matter of seconds. Although, there are no major indicators that would suggest volatility, Bitcoin whale movement cannot be disregarded at any time.