NewsBTC
No Result
View All Result
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets
  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play GamesTry
  • CasinosTry
Bitcoin News
No Result
View All Result
Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Bitcoin Eyes Close above $14,000, According to Textbook Technical Indicator

Yashu Gola
Yashu Gola
1 year ago
2 mins read
bitcoin, cryptocurrency, btc usd, crypto

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

A textbook technical scenario brewing inside the bitcoin market could send its prices above $14,000.

Crypto analysts highlighted earlier this week the potential formation of an Inverse Head and Shoulder (IHS) pattern. Investopedia defines it counter, which is called Head and Shoulder Pattern, as a “reliable” indicator in predicting an asset’s bullish-to-bearish trend reversals. Therefore, its inverse version appears bearish-to-bullish to crypto traders.

Bitcoin’s recent price action has led it to partially complete IHS. It ideally resembles the establishment of three lows, with the middle-low the deepest. So far, bitcoin has made two lows (one ‘left shoulder’ and the other ‘head’). It is yet to complete the IHS by making the third one, as shown in the chart below, followed by a bounce towards the neckline.

bitcoin, cryptocurrency, btc usd, crypto
BTC/USD Could Form IHS | Source: CryptoWolf

That typically means that bitcoin could first crash towards the low established earlier by the Left Shoulder. The fall could be anywhere between $7,800-8,054. Then, the same area could serve as support to attract more buyers, leading to an upside retracement towards the IHS’s neckline of $10,190.

Bulls could push the price further above the neckline, leading to a breakout scenario. The IHS breakouts typically lead price higher by as much as the pattern’s height. In the current case, that height is about $400. With that said, bitcoin’s close above the IHS neckline could have traders wait for a close above $14,000 in the medium-term.

The Halving-Coronavirus Combo

The upside bias came at a time when bitcoin has rebounded by circa 9 percent so far into March after slipping exponentially in the previous month. Experts note that speculators are increasing their positions in bitcoin, believing that it would protect them against the financial meltdown caused by an escalating Coronavirus epidemic across the world.

Appetite for safe-haven assets has surged particularly in the wake of the global stock market’s crash. FT reported Friday that investors have withdrawn equities of about $23 billion to seek safety in bonds, gold, yen, and similar hedging assets.

Bitcoin, on the other hand, has long projected itself as a crisis manager, mostly because of its lack of correlation with traditional markets. Moreover, the cryptocurrency’s much-awaited halving event, which would see its daily supply rate cut down from 1,800 BTC to 900 BTC, is making analysts bullish.

So I think May 2020 #bitcoin halving will produce similar results (red dots) as 2012 and 2016 halving. Why? Co-integration! ELI5: S2F and btc price stay together. Look at the white dots (1 means btc price is exactly S2F model value), btc is above and below model value EVERY YEAR. pic.twitter.com/kfrejvrRA2

— PlanB (@100trillionUSD) March 4, 2020

Risks

To the downside, bitcoin’s uptrend is appearing to slow down near $9,000 which may lead the cryptocurrency to test new short-term lows. Its biggest challenge is to uphold its 50-week moving average wave as support. A break below it could crash the price towards $6,400-6,000 range.

bitcoin, cryptocurrency, btc usd, crypto
Bitcoin eyes major support test near 50-week MA | Source: TradingView.com, Coinbase

The BTC/USD pair was down by 0.42 percent to $9,120 into Friday at the time of this publication.

Tweet123Share326ShareSend
Yashu Gola
Yashu Gola

Yashu Gola

Yashu Gola is a Mumbai-based finance journalist. He is profoundly active in the bitcoin space since 2014 – and has contributed to several cryptocurrency media outlets, including NewsBTC, FxDailyReport, Bitcoinist, and CCN.

Read more

Academically, Yashu holds a bachelor's in information technology, with majors in data structures and C++ programming language. He has also won the 'Atulya Award' for his efforts towards raising $100,000 for an India-based farming project.

Close

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Related News

Bitcoin

Countdown To ‘Bitcoin Bottom Day’: Why September 21 Could Change Everything

Bitcoin (BTC), the leading cryptocurrency, has experienced a notable decline, erasing the gains it achieved following the recent decision by...

Ronaldo Marquez 4 hours ago

Bitcoin Exchange Supply Ratio Declines After Fed Cut, Setting Stage For $120,000 Test

Earlier this week, the US Federal Reserve (Fed) cut interest rates by 25 basis points, providing the much-required impetus to...

Ash Tiwari 5 hours ago
circle-deploys-usdc-hyperliquid-next-wave-of-crypto-investment-tw

Circle選擇部署USDC穩定幣生態:以HyperLiquid為核心的加密投資浪潮

加密世界的進化,總是以一種奇異的方式呈現—理性與想像並行,投資與敘事交織。在2025年的秋天,Circle與HyperLiquid之間的結盟,正是一場結構性轉變的起點。這不只是兩個技術團隊的對接,也不...

Peter Chow 6 hours ago
Load More

Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

Morbi pretium leo et nisl aliquam mollis. Quisque arcu lorem, ultricies quis pellentesque nec, ullamcorper eu odio.

Related News

Analyst Says XRP Price Not Reaching $10+ Due To Market Cap Is Irrelevant

Scott Matherson 43 minutes ago
Cardano, ADA, Charles Hoskinson

ADA Holds $0.90 Support As Hoskinson Says Cardano Will ‘Break The Internet’

Rubmar Garcia 2 hours ago
Dogecoin

Dogecoin Ready To Bark Again? Analyst Sees Path To $0.45

Keshav Verma 3 hours ago

Premium Sponsors

Press Releases

  • ドージコイン 今後 の価格予測:ETF発足で新たな成長ステージへ

    ドージコイン 今後...

    18 hours ago
  • リップル 今後の価格予測:現物ETF効果で4ドル到達を狙うXRP

    リップル...

    18 hours ago
  • 仮想通貨プレセール:専門家が次の有望ミームコイン候補を予測

    ...

    18 hours ago
  • 仮想通貨おすすめ:次のブルランでシバイヌを超える成長候補の4トークン

    ...

    18 hours ago
  • 新しい仮想通貨トレーディングボット、エコシステム大型アップグレード前にICOで400万ドル突破目前

    ...

    19 hours ago

Newsletter

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

Company

  • About Us
  • Advertising
  • Contact Us
  • Privacy Center

Social

© 2025 NewsBTC. All Rights Reserved.

  • Cryptocurrency News
    • Bitcoin News (BTC)
    • Ethereum News (ETH)
    • Ripple News (XRP)
    • Shiba Inu News (SHIB)
    • Cardano News (ADA)
    • Dogecoin News (DOGE)
    • Solana News (SOL)
    • Litecoin News (LTC)
    • Avalanche News (AVAX)
    • Polygon News (MATIC)
  • Crypto Prices
    • Binance Coin (BNB) Price
    • Bitcoin (BTC) Price
    • Cardano (ADA) Price
    • Chainlink (LINK) Price
    • Dogecoin (DOGE) Price
    • Ethereum (ETH) Price
    • Litecoin (LTC) Price
    • Polkadot (DOT) Price
  • Crypto Resources & Directory
  • All Crypto
  • Play Games
  • Casinos
Advertise

© 2025 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.