Welcome to my update to our last post on the risk of a possible Bitcoin course crash. After the end of yesterday, according to an analysis, the likelihood has increased massively that we can soon expect a significant drop in the BTC price.
Where does this new knowledge come from?
We will deal with this in detail today and here. So it will be exciting as usual and stay tuned as always! Have fun with the Bitcoin course analysis.
Attention: None of the formulations listed in this article represent trading recommendations in any way. This and the following articles only serve to exchange information with our readers. Neither CryptoMonday nor the author of this text is liable for losses incurred as a result of trading decisions by our readers. DYOR!
Bitcoin price history is likely to cause a crash
In Tuesday’s Bitcoin price analysis, we already talked about the fact that a formation could appear on the Bitcoin chart, which may be the harbinger of another Bitcoin price crash. We were talking about the chart pattern with the name rising wedge or in English Rising Wedge, in which the BTC rate currently appears to be moving.
On Tuesday, however, the last confirmation for the pattern was still missing. However, this last confirmation came with yesterday’s closing price on the Bitcoin chart.
More specifically, it is about the 5th point of contact with one of the trend lines of the formation. A rising wedge is only considered confirmed if it has a total of 5 points of contact between the price and the trend lines. The bottom and top lines must be touched at least twice. Together with the typical rising trend lines, all minimum requirements for a rising wedge formation on the Bitcoin price have been met since yesterday.
The volume development of the BTC course also corresponds to the typical course of a rising wedge. There the volume is typically high at the beginning of the formation and decreases continuously up to the breakout point. Only when the formation breaks out does the volume increase again significantly.
According to the latest analysis, there is already a 74% chance that the formation will break down. The target for the outbreak according to the theory is a Bitcoin course of around $ 5,400.
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Would you rather shorten the BTC course directly?
Does that mean that you should quickly sell your Bitcoins or, best of all, even sell Bitcoin (BTC) empty?
Of course it doesn’t mean that. After all, from a purely statistical point of view, there is still a 24% chance that the pattern will not work. In addition, the rising wedge is not the most reliable performer, so the target price is often not achieved at all.
Nor does it mean that the Bitcoin price is plummeting now. Rather, a correction may have to be expected here before the BTC course can then start a new upward trend.
In any case, the formation gives reason enough to act cautiously on the market right now and not to be blinded by the currently rising prices. For detailed information on the current situation, you can read the Bitcoin Price Forecast, which has served as the basis for this article. Call Bitcoin price forecast.
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