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Bitcoin price completes pattern to $9700: What’s next?

Bitcoin price has played out another head and shoulder formation as suspected on the 12th of February. The cardiac arrest, albeit small, took a sudden toll on the rising hopes and the rising Bitcoin BTC price trend when it dropped about $350 in value today.

Cryptopolitan.com suspected that history may repeat itself yet again given the BTC price patterns in the past,, and so it did. As seen in the figure below, Bitcoin has been moving in repeated head and shoulder patterns, almost always followed by a hard crash, and the current crash was no different.

Bitcoin price chart - 16 Feb 2020Bitcoin price chart by Trading View

All the points on the chart above are a telltale of the head, and shoulder formations observed in the BTC price movement in the short range of 30-days. Moving back in time, similar patterns are evident throughout the timeline after different intervals.

Bitcoin price is down: What is next?

Despite the $350 hard crash and the following bearish trend that took BTC price down to the current levels at $9784, there is hope for BTC traders. The stoch relative strength index (RSI) range of 51.93 – 60.49 is another positive sign for traders.

One of the most followed analysts on Trading View, BitFink explains that the current drop is a minor set back in the long game that Bitcoin traders are always up to play.

Bitcoin price chart BitFink 16 Feb 2019Bitcoin price chart by Trading View

BitFink explains that the price is likely to drop down to the $9602.49 mark before taking another run and this time towards $10800 mark. So far, the predictive Bitcoin analysis has been coming true almost to the dot, and if it plays out to the end, Bitcoin traders buying right now would be in benefit.

Another important factor is the crypto fear and greed index, which is still not as low as it could have been after the current drop in Bitcoin price. At the time of writing, the greed index score is down to a fair 59 from yesterday’s high at 64. The current score is still higher than the previous week’s high recorded at 57.

All in all, the current drop seems to be a minor set back, but given the volatility, the king of cryptocurrency Bitcoin has displayed in the past, anything is possible.

Featured Image by Panxunbin

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.

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