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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans
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Breaking News: Tether Targets $500 Billion Valuation In New Equity Offering Amid US Expansion Plans

This Technical Formation Suggests Bitcoin Could Undergo a Violent Surge

Cole Petersen
Cole Petersen
1 year ago
2 mins read
Ethereum ETH

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Bitcoin (BTC) has been caught within a bout of turbulent price action over the past several days and weeks, which is elucidated while looking at the wide trading range between $8,300 and $9,200 that it has been trading within for the past week.

Although the sharp rejection at $9,200 last week did do some damage to the bullish market structure that has developed over the past several weeks, analysts are pointing to a falling wedge as a potential catalyst for a violent surge back to its local highs.

It is important to note that the next major rally may not come about, however, until BTC taps a key support region that is roughly 10% below its current price level.

Bitcoin Caught in Bullish Ascending Channel, But Drop to Support Could Be Inbound

Currently, Bitcoin is trading down just under 2% at its current price of $8,350, which marks a notable decline from daily highs of $8,500 that were set yesterday afternoon when bulls attempted to push BTC back into the upper-$8,000 region.

It does appear that the macro outlook for Bitcoin is still bullish in spite of its recent drop from highs of $9,200, as the crypto has fallen into a wide ascending channel.

Excavo, a top analyst on TradingView, spoke about this channel in a recent post, explaining that BTC may continue dropping until it reaches the lower boundary of this zone in the mid-$7,000 region.

“After we pushed off the resistance line of the rising channel we showed a good downward movement… I see support level in the zone 8000-8200… also this is 38.2% fibonacci level. But I see stronger support in the zone 7850-7600,” he explained.

Will a Falling Wedge Propel BTC Higher?

Although it is possible that BTC sees some further downwards momentum before it begins racing higher, one factor that could allow it to post a massive rally up to, or even above, its local highs is a bullish falling wedge it is caught within.

Jonny Moe, a popular cryptocurrency analyst on Twitter, pointed to this formation in a recent chart, but he does further go on to say that not all falling wedges result in upwards movements.

Updated $BTC pic.twitter.com/IxaSu5q3Qr

— Jonny Moe (@JonnyMoeTrades) January 25, 2020

How the markets respond to BTC’s recent rejection at $8,500 will be telling for where it trends in the future, as it does appear to currently be trading at a pivotal level.

Featured image from Shutterstock.
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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.

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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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