The Bitcoin price has been declining overnight. As the latest cryptocurrency news show, the Bitcoin downturn is real – and the most dominant cryptocurrency has lost 3.21% this morning, dropping to a low of $10,375. Now, even though the loss can be consolidated, what’s important to note is the fact that BTC could break up from its multi-month bull flag.
The parabolic advance for Bitcoin and retesting the previous all-time high of $20,000 could be a scenario that we wait to see. Many technical analysts featured on the best cryptocurrency news sites said that the Bitcoin price is trapped in a triangle – either descending or symmetrical – and one analyst noted that Bitcoin has formed what is a multiple month bull flag which is again close to breaking up.
In the altcoin news, the situation remains unchanged. While the Bitcoin downturn is present on the day, altcoins managed to lose momentum over the past couple of days and the entire week in general.
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BTC has been in a tight trading range between $13,000 and $9,000 with $10,000 acting as critical support. However, the analysts are divided as to the shape of the technical analysis and the chart pattern which shows that the price action has formed.
The Bitcoin downturn is real, and one prominent analyst claims that Bitcoin price is in a symmetrical triangle which could break up or down. A descending triangle has taken Bitcoin to a new bottom and previously took it to a bottom of $3,200. One analyst believes that the pattern on the daily XBT – BTC contracts on leverage chart is actually a multi month bull flag close to the top of the pattern. As he said, it could break up in the days ahead.
$BTC Daily
STILL a massive bull flag, price STILL bounced above the EQ again. Nothing has changed. pic.twitter.com/6iD7nlOE7k
— The Wolf Of All Streets (@scottmelker) September 2, 2019
Right now, bull flags are seen as bullish chart patterns which suggest strong continuation in the asset exhibiting the structure. In a Bitcoin downturn like this, they are very important for forming a pole and consolidating the price until the next resistance level – before breaking up once again.
Bull flags are often downward sloping, but are later left in shock once the flags break up and force bears to close their losing positions – driving the price up.
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