Bitcoin price moving into 4th head and shoulder of February 2020

Bitcoin price moving into th head and shoulder of February

Bitcoin price movement heard the cries when Bitcoin BTC broke past the $1000 psychological barrier. However, it appears that the hard time is not just over yet as Bitcoin price is moving into the fourth consecutive head and shoulder pattern within a short span of 20 days.

This time the cryptocurrency market took a strive with the king as well but it seems the barrier is jinxed since a flash crash down to $9701 mark has just been observed in the past hour.

Bitcoin price chart 1 - 23 Feb 2020Bitcoin price chart by Trading View

Although the price quickly recovered back up to the $9800 mark and is hovering around the same at the time of writing. It seems that since the beginning of this month BTC price is hitting the $10000 mark only to get into one flash crash after another. What’s interesting this time is the fact that the price rose in a flash rise, just as easily.

Bitcoin price movement: What to expect?

Bitcoin price movement held strong support at the end of the business week on Friday while traders and analysts expected good yields and new highs after the weekend. Bitcoin, on the other hand, moves as kings do, in an unpredictable manner.

Bitcoin price chart 2 HnS - 23 Feb 2020Bitcoin price chart by Trading View

This time around the movement although at a strong point seems to be under immense pressure as the cryptocurrency is entering into the fourth consecutive head and shoulder pattern of the month.

If the pattern forms, a new low may come below the critical $9500 support. Bitcoin is considered in safe hands as long it is holding the $9500 support level. However, on the other hand, BTC has time and again emerged out of difficult situations completely unpredictably.

Featured Image by Cryptopolitan

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.

Related News

Hot Stories

ChainLink price analysis: LINK price stays consistent at $7.5
Tezos price analysis: Bearish momentum degrades XTZ price to $1.43
Litecoin price analysis: LTC/USD stabilizes at $53.58 after a bearish period
Ripple price analysis: XRP dips to lows of $0.475 after a bearish spell
Solana restarted for the 8th time. What went wrong this time?

Follow Us

Industry News

Solana restarted for the 8th time. What went wrong this time?
LUNC is finally deflationary
Is Africa winning in crypto adoption?
Spanish telco announces Web3 adoption
The Sandbox and HSBC flop show