Bear Market Pattern seems to be forming since the number one cryptocurrencies extended its losses today and fell about 6.59 percent against the US dollar. As we can read in the coming altcoin news, the signs are showing that the bear market could repeat itself.
On the 4-hour BTC/USD chart, we can notice that the price $10,342 is having a hard time to record a higher high after it started correcting from the peak reached on June 26 of $13,850. Currently, the latest reaction appears to have picked a new low position along with the strong sideways support between the ,850 and ,600 levels.
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This was mainly a strong foothold for BTC buyers at the end of the second quarter. If the bullish traders manage to keep this support standing, we could expect a new upside and a recovery motion over the next week. However, if they fail, it is likely that the panic will start the selling motion and will accelerate bitcoin’s decline thus testing the strength of the psychological $10,000 support level and even below.
By looking at the MACD indicator we can see that the current selling volume is decreasing slowly over time but the 12MA has still yet to converge bullishly above the 25MA in order to convince the traders that a new uptrend is in motion. The RSI remains uncertain and has pushed sideways so neither the buyers nor the sellers have taken full control over the asset. For now, we should all wait and see how and where will the daily close finish and to check if the BTC bulls are still willing to push back against the massive selling pressure.
As reported in the latest cryptocurrency news, the 4-hour charts and the BTC/USD price actions are really concerning. As you can check, the bear market pattern is forming again since the trends look very similar on both charts. They show an uptrend followed by smaller peaks and then a retracing motion to lateral support. Also, the charts show that the progression of last year’s bear market concluded with a bearish descending triangle. Assuming that the price action continues to follow the previous footsteps, we could expect to see Bitcoin going to lower highs until it reaches a consolidation maximum inside another descending triangle pattern.
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