Bitcoin has been caught within a firm bout of sideways trading over the past day, with its buyers and sellers being deadlocked within an intense battle that has left BTC\u2019s price ranging sideways around $10,200.<\/p>\n
Bull\u2019s inability to extend the cryptocurrency\u2019s momentum has led it to grow increasingly bearish, as one simple charting pattern could suggest that its recent highs will mark a mid-term top that is proceeded by an intense downtrend.<\/p>\n
In order for this bearishness to be invalidated, it is imperative that buyers hold the crypto above a critical support level, as a break below this could lead to a violent movement down towards $7,000.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading up marginally at its current price<\/a> of $10,250, which marks a notable decline from recent highs of just under $10,500, and only a slight climb from lows of $10,100.<\/p>\n These two aforementioned prices appear to mark the upper and lower boundaries of a newly formed trading range, and which of these is decisively broken first could offer analysts and investors alike deeper insight into the crypto\u2019s short-term trend.<\/p>\n In order for the incredibly firm mid-to-long term uptrend<\/a> that Bitcoin is caught within to extend, it is imperative that it holds above $10,000, as a break below the five-figure price region could spark a move towards $7,000.<\/p>\n Teddy, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that BTC is still holding above a few key levels, but his chart does reveal that a move into the mid-$7,000 region could be inbound if bulls are unable to garner any major strength.<\/p>\n \u201cBTC Shorter timeframe’s volatility aside, weekly range is holding up pretty well. Price still above: – a 200 day hold resistance – previous weekly high. Longer timeframe’s bias will remain bullish as long as it continuously closes above the range,\u201d he explained.<\/p><\/blockquote>\n https:\/\/twitter.com\/TeddyCleps\/status\/85357056?s=20<\/p>\n Despite the bullish factors mused by Teddy, it is important to note that Big Cheds \u2013 another prominent cryptocurrency analyst on Twitter \u2013 explained in a recent tweet that the crypto\u2019s daily chart is forming what could be a \u201clast engulfing top\u201d candle.<\/p>\n This bear-favoring candle typically proceeds far reaching mid-term downtrends, which is seen while looking at the price action that followed its formation on the Microsoft Corporation stock chart referenced below by Cheds.<\/p>\n \u201cBitcoin daily – Worth being aware of the potential for a \u2018Last engulfing top\u2019 here,\u201d he said.<\/p><\/blockquote>\n $BTC<\/a> #Bitcoin<\/a> daily – Worth being aware of the potential for a "Last engulfing top" here https:\/\/t.co\/0NtzGsar5S<\/a> pic.twitter.com\/v3QTgXKhiO<\/a><\/p>\n — Cheds (Trading Quotes) (@BigCheds) February 14, 2020<\/a><\/p><\/blockquote>\nThis Simple Candle Formation Spells Trouble for BTC<\/strong><\/h2>\n
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