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Two Patterns, One Coin: Is Bitcoin Currently Bearish Or Bullish?

Tony Spilotro by Tony Spilotro
1 year ago
in BTC
Reading Time: 3 mins read
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Bitcoin price is down from fresh all-time highs set this week ahead of the Coinbase Global Nasdaq public rollout, but there are still no signs of the bull run ending.

A powerfully bullish pattern, however, has began to shapeshift and is in the midst of transforming into a bearish pattern instead. The fight between bears and bulls clearly isn’t finished; here’s a closer look at the two patterns that could make or break the uptrend depending on which one confirms.

Bitcoin Price Breaks Down From Coinbase Listing Highs

The cryptocurrency market is a non-stop speculative venue where Bitcoin investors try to rely on a combination of sentiment, fundamental, and technical analysis to predict future outcomes of price action.

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Users can be quick to write off such predictions claiming its little more than witchcraft or nonsense. There are several trading legends that have made a career out of it, but naysayers will always remain.

Related Reading | Coinbase COIN Debuts To A Bloody Bitcoin, But Bullish Structure Remains

The reason for such skepticism, is the fact that these predictions only work to increase probabilities, and the practice never a perfect process. It is also an ongoing study that requires regular review of market conditions and the latest usable data.

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The data comes in the form of Japanese candlestick highs, lows, opens, and closes. It comes via moving averages, overlays, and oscillators. And it also comes from chart patterns that can change shape even when Bitcoin is at first behaving as expected.

bitcoin bullish triangle versus bearish wedge

On the left, we have a bullish triangle and on the right, a bearish wedge | Source: BTCUSD on TradingView.com

Bearish or Bullish: Which Crypto Chart Pattern Will Confirm?

Even on Coinbase listing day itself, Bitcoin ended the day bloodier than it started. The leading cryptocurrency by market cap fell by a max of 5% for the day.

Any movement higher that might have been rejected, ultimately sent the crypto asset back down to retest the resistance level of a powerfully bullish chart pattern: the ascending triangle.

The problem is, is that the pattern has since morphed into a now bearish pattern and is looking worse as time passes by. Further exacerbating the danger, are literally dozens of bearish signals that have been lingering on the quarterly timeframe.

Technical Analysis Education | Everything You Need To Know About Triangles

Along with the bearish wedge shape, the MACD on weekly timeframes has crossed bearish, and a rare cycle top calling indicator has said its lights out for bulls soon enough.

Although the signal has appeared, Bitcoin is now much higher than when it first reared its ugly head. Bears were able to swat it back down, and what comes next will decide the fate of crypto for the next few months.

Will price action confirm resistance as support, and with it the ascending triangle before moving much higher? Or will the bearish wedge take shape further and cause an unexpected breakdown?

Featured image from Deposit Photos, Charts from TradingView.com
Tags: bitcoinbtcbtcusdBTCUSDTcryptoxbtxbtusd
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a global remote work leader with a decade of award-winning content experience and excellence. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter at @tonyspilotroBTC and feel free to drop me a line if you would like to work together.

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