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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

A Visit to This Crucial Support Region Could Start Bitcoin’s Next “Moon Mission”

Cole Petersen
Cole Petersen
1 year ago
2 mins read

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Bitcoin has faced some turbulence throughout the past couple of days.

Following the benchmark cryptocurrency’s firm rejection at $12,000 this past weekend, it has largely been consolidating within the lower-$11,000 region.

Yesterday, however, bulls attempted to spark a fresh leg higher. They sent BTC to highs of $11,500 before losing their momentum. From here, it retraced back to its $11,000 support level.

This recent price action has resulted in the formation of a bearish “head and shoulders” pattern that can be seen while looking towards the cryptocurrency’s 4-hour chart.

This technical pattern is historically bearish, and it will require a massive influx of fresh buying pressure for it to be invalidated.

That being said, while looking towards Bitcoin’s Fibonacci levels, it is still a strong possibility that BTC targets $13,000 next.

One analyst explained that it might first need to retest its crucial support at $10,500 before this can take place.

Bitcoin Forms Bearish Technical Structure as Momentum Slows

At the time of writing, Bitcoin is trading down just under 1% at its current price of $11,170.

BTC has been trading around this level throughout the past several hours, with its recent rejection at $11,500 throwing it into yet another consolidation phase right above its key near-term support level.

The cryptocurrency’s strength has been degrading slightly as of late due to the series of rejections it has posted.

The first rejection at $12,000 came about this past Saturday, and all subsequent attempts to rally up towards this level have been met with heavy selling pressure.

This has culminated in the formation of a bearish “head and shoulders” pattern that can be seen clearly while looking towards its 4-hour chart.

One analyst spoke about this in a recent tweet, saying that a “4h BTC H&S developing” while offering a chart showing the technical formation.

Bitcoin

Image Courtesy of Josh Olszewicz. Chart via TradingView.

If Bitcoin breaks below the neckline of this pattern – which exists around $11,000 – the cryptocurrency could start reversing its recent gains.

Here’s the Path Forward for BTC to See Another “Moon Mission” to $13,000 

Despite the emergence of this bearish technical pattern, one analyst said in a recent tweet that he believes the cryptocurrency could still be well-positioned to climb higher.

While pointing towards Bitcoin’s Fibonacci levels, the trader explains that a retest of its 0.786 level – at $10,500 – could spark a fury of buying pressure that catalyzes a movement to $13,000.

“Retest of 0.786 ( 10.5k ) before moon mission to 13k?”

Image Courtesy of Teddy. Chart via TradingView.

How the crypto trends in the coming hours will likely provide significant insight into its near-term outlook.

Featured image from Unsplash.
Charts from TradingView.
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Cole Petersen
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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.

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