We have some news for you: Classic Trendline Breakout Sets Bitcoin for $10K Retest, Traders Say. Our crypto analysts believe Bitcoin price is set for a near-term rally as a key technical pattern points toward $9,800.
Bitcoin at a critical point that may decide its trend in Q3 2020
Top traders expect the price of Bitcoin to surge to $9,800 after the price demonstrated a classic technical pattern known as a falling wedge breakout.
In the last 36 hours, the Bitcoin price slid downward from $9,970 to $9,100, with barely any attempt of a significant recovery. That led Bitcoin to consolidate under a descending trendline with relatively low volume.
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The bearish and bullish scenarios for BTC
If the price of Bitcoin rises to $9,800 and rejects in a similar manner as it did when it fell steeply from $9,970, it leaves BTC vulnerable to three consecutive lower highs at a high time frame.
Simply put, subsequent to the rejections of $10,085 and $9,970, a breakdown at $9,800 would indicate three rejections of a multi-year Convert biotcoin to credit card resistance area within a short period of time.