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: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing
  • 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: Crypto Bulls Rejoice: Congresswoman Confirms Powell’s Imminent Firing

Bitcoin May Be Forming a Bearish Head & Shoulders Pattern, But Here’s Why It Doesn’t Matter

Cole Petersen
Cole Petersen
1 year ago
2 mins read
Bitcoin BTC

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.

Bitcoin has been able to find some stability after rapidly surging back above the critical $8,000 level earlier this week, signaling that BTC’s bulls are not yet ready to surrender to its bears, which means that further gains could be imminent.

Although the possibility of further gains remains strong, some analysts are apt to note that Bitcoin does appear to be forming a notorious head & shoulders formation that may favor the crypto’s bears.

Bitcoin Breaks Above $8,000, But Faces Resistance at $8,200 

At the time of writing, Bitcoin is trading up slightly at its current price of $8,170, up from weekly lows of just above $7,500 which were set last week.

Over a one-month period, it is clear that Bitcoin is currently in a period of consolidation, as it has been oscillating between $7,000 and $9,000, mostly finding itself in the middle of this wide trading range.

Although BTC’s latest move up certainly appears to be bullish and has led many analysts to believe that a move up towards $9,000 is imminent, it may be slightly too early to celebrate, as the crypto may be in the process of confirming a bearish head & shoulders pattern.

Cred, a popular cryptocurrency analyst on Twitter, spoke about this technical formation in a recent tweet, noting that it is still slightly too early to label this formation as confirmed.

“$BTC Looks like a H&S top. Yes, it’s not ‘confirmed’ until neckline breaks. Inexperienced traders still trade patterns too early. If neckline resistance breaks, a bunch of early shorts will be offside & I expect trend continuation. Personally not rebuying $7.6k if breakdown,” he explained while referencing the below chart.

$BTC

Looks like a H&S top. Yes, it's not 'confirmed' until neckline breaks. Inexperienced traders still trade patterns too early.

If neckline resistance breaks, a bunch of early shorts will be offside & I expect trend continuation.

Personally not rebuying $7.6k if breakdown. pic.twitter.com/zT8iqZ0cD1

— Cred (@CryptoCred) June 13, 2019

Analyst: Head & Shoulders Formation May Not Matter 

Although the confirmation of this pattern could lead to a sharp price drop for BTC, it is important to note that not all analysts agree of the long-term importance of this type of technical formation.

The Wolf Of All Streets, another popular analyst on Twitter, recently explained that even if Bitcoin does form this type of technical formation, it may actually be a “fakeout,” similar to that seen in the Dow Jones Industrial Average over the past couple of months.

“To everyone shorting $BTC because they think that a Head & Shoulders MAY form, here is a much clearer H&S that recently completed on the Dow Jones ($DJI). Fake out of the century. So even if you DO get your hideous and not really valid H&S, you may have this to look forward to,” he said, referencing the below chart.

To everyone shorting $BTC because they think that a Head & Shoulders MAY form, here is a much clearer H&S that recently completed on the Dow Jones ($DJI). Fake out of the century. So even if you DO get your hideous and not really valid H&S, you may have this to look forward to. pic.twitter.com/BEwV4SQyvo

— The Wolf Of All Streets (@scottmelker) June 13, 2019

Although it remains unclear as to whether or not BTC will actually end up forming this type of technical formation, it is important for traders to understand that it may not have a long-term impact on the cryptocurrency’s upwards momentum.

Featured image from Shutterstock.
Tweet123Share196ShareSend
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.

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

Bitcoin Falls Below $117,000 Amid $3.5 Billion Profit-Taking Frenzy

The Bitcoin price has slipped under  $117,000 as on-chain data shows the network has observed one of its largest profit...

Keshav Verma 2 hours ago

Mercado Bitcoin doubles down on RWA, experts discuss what this means for the future of tokenized finance

Earlier this month, leading South American crypto exchange Mercado Bitcoin unveiled plans to tokenize approximately $200 million in tokenized financial...

NewsBTC 2 hours ago
Bitcoin má nové ATH.

Bitcoin překonává hranici 120 000 dolarů, jaké coiny s ním rostou nejvíce?

Bitcoin poprvé v historii překonal hranici 120 000 dolarů a investoři i široká veřejnost si kladou otázku, co to znamená...

Lenka Hanzlíková 2 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

Altcoin

Altcoin Season Index Spikes Above 30, But Bitcoin Dominance Remains High, What Next?

Scott Matherson 5 minutes ago
Citigroup

Citigroup CEO Confirms Interest In Issuing A Proprietary Stablecoin—Reuters

Ronaldo Marquez 1 hour ago
Ripple nieuws: XRP & SOL ETFs worden beste crypto's met potentie in 2025 volgens expert

Ripple nieuws: XRP & SOL ETFs worden beste crypto’s met potentie in 2025 volgens expert

Lars Diederiksen 1 hour ago

Premium Sponsors

Press Releases

  • Whales Quay Lại Với Meme Coin Sau ATH Của Bitcoin –...

    24 minutes ago
  • 2 kryptomeny s mimoriadne vysokým hodnotením, ktoré by mohli stáť za riziko

    2 kryptomeny s mimoriadne vysokým hodnotením, ktoré by...

    29 minutes ago
  • Toncoin

    Dự Đoán Giá Toncoin: $8 Tháng 8? Các Đồng Coin...

    34 minutes ago
  • Öt, 1 dollár alatti altcoin szimbólum növekedési potenciállal, Bitcoin a háttérben.

    Cá Voi Crypto Đã Mua Những Alt coin Nào Trong Tuần...

    47 minutes ago
  • Can You Really Make $5,670 in 7 Days? Learn more about...

    51 minutes ago

Newsletter

Be the first to get the latest important crypto news & events to your inbox.

  • This field is for validation purposes and should be left unchanged.

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.