Bitcoin Price Analysis: Bear Markets Test Crucial Support Levels
Article by Bitcoin Magazine
This morning marked another bearish day in the crypto-space as the entire market cap continued its multi-week-long decline. As referenced in a previous BTC-USD price analysis, we have continued to test the neckline of a massive, multi-week-long Head-and-Shoulders reversal pattern. At the time of this article, the market is making its second test of the ascending trendline (marked in yellow).
Figure 1: BTC-USD, 6-hr Candles, Gemini, Head-and-Shoulders Pattern
A breakdown of the ascending trendline typically marks a very characteristic, sustained market reversal that, in our case, has a price projection in the upper $1,800 range (see this previous analysis for a detailed breakdown of Head-and-Shoulders price target calculation).
When confirming the Head-and-Shoulders reversal pattern, key support levels on the way down toward its price projection include the following markers:
Figure 2: BTC-USD, 6-hr Candles, GDAX, Key Support Levels
- A break of the ascending trendline is often initially.....
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