{"id":459848,"date":"2021-03-30T01:00:48","date_gmt":"2021-03-30T01:00:48","guid":{"rendered":"https:\/\/wncen.com\/?p=459848"},"modified":"2024-06-11T14:14:22","modified_gmt":"2024-06-11T14:14:22","slug":"bitcoin-bearish-head-shoulders-btc","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bearish-head-shoulders-btc\/","title":{"rendered":"Heads Up: Bearish Bitcoin Technical Pattern Shouldn’t Be Shrugged Off"},"content":{"rendered":"

Bitcoin price is struggling to get back above $60,000<\/a> currently, but bears thus far have been unable to swat price action away from local highs. The push and pull between the two opposing market forces have resulted in a bearish price pattern potentially forming, that anyone paying attention to cryptocurrency might want a heads up about.<\/p>\n

If bulls ultimately shrug off the recent attempt to take over by bears, new highs are ahead. However, if this technical pattern confirms, the first significant correction could be coming sooner than later in crypto.<\/p>\n

Bitcoin Price Peaks Could Be Forming Head And Shoulders Reversal Pattern<\/h2>\n

Bitcoin price action in 2021<\/a> thus far has been like a rocket ship without any atmosphere to penetrate, soaring without any formidable resistance. It is only recently after reaching above the current highs over $60,000 that the cryptocurrency has struggled to continue toward new highs with ease.<\/p>\n

The most recent resistance level has led to weeks of consolidation, switching from bearish to bullish and back on shorter timeframes, while the underlying trend has remained “only up.”<\/p>\n

Related Reading | How Bitcoin Price Could Shed 50 To 70% If Momentum Turns Down<\/a><\/strong><\/em><\/p>\n

The natural tug of war between buyers and sellers have left a zig-zagging pattern on the price chart that \u2013 if things turn down from here \u2013 could soon form a head and shoulders reversal pattern<\/a>.<\/p>\n

The pattern is only a little more than two-thirds of the way through, currently near what should be the inflection point of the pattern.<\/p>\n

\"bitcoin<\/p>\n

A head and shoulders could take bulls by surprise, before moving higher again | Source: BTCUSD on TradingView.com<\/a><\/pre>\n
The Ongoing Showdown Between Bullish BTC Fundamentals And Bearish Technicals<\/h2>\n
The battle between buyers and sellers of Bitcoin is currently at an impasse, and when either side eventually waves the white flag, there could be a long streak of green or red to follow<\/a>.<\/p>\n
If the pattern is invalidated with a rise to a new all-time high, the cryptocurrency’s bull run is back on full steam, and could see prices a lot closer to $100,000 per coin within the next month or two.<\/p>\n
If price action cannot sustain and push higher, the pattern will confirm, any long positions built in the area will be forced to cover, and much larger move down could result<\/a>.<\/p>\n
Technically, based on the measure rule, a return to around $40,000 per coin would be the target of the bearish structure, but would be far from putting the greater bull trend in jeopardy.<\/p>\n
Related Reading | Bitcoin Technicals Overheated, But Bullish Fundamentals Remain Unfazed<\/a><\/strong><\/em><\/p>\n
A correction, very well could even be healthy, even if price action goes deeper than most would expect. Technical indicators are overheated<\/a>, and market sentiment could use a reality check.<\/p>\n
Regardless of these factors, however, fundamentally, the bull run isn’t going anywhere anytime soon. Despite indicators so hot and bothered, fundamentals have barely flinched<\/a> in the face of the ongoing consolidation slash correction.<\/p>\n
What few coins are left on exchange are leaving at a rate of tens of thousands per week, and most adoption metrics haven’t reached previous signs that might indicate a peak is in.<\/p>\n
All of these factors conclude that Bitcoin could see an overdue correction<\/a>, but any dips would continue to be bought up by institutions.<\/p>\n
Featured image from Pixabay, Charts from TradingView.com<\/pre>\n","protected":false},"excerpt":{"rendered":"
Bitcoin price is struggling to get back above $60,000 currently, but bears thus far have been unable to swat price action away from local highs. The push and pull between the two opposing market forces have resulted in a bearish price pattern potentially forming, that anyone paying attention to cryptocurrency might want a heads up about. If bulls ultimately shrug off the recent attempt to take over by bears, new highs are ahead. However, if this technical pattern confirms, the first significant correction could be coming sooner than later in crypto. Bitcoin Price Peaks Could Be Forming Head And Shoulders Reversal Pattern Bitcoin price action in 2021 thus far has been like a rocket ship without any atmosphere to penetrate, soaring without any formidable resistance. It is only recently after reaching above the current highs over $60,000 that the cryptocurrency has struggled to continue toward new highs with ease. The most recent resistance level has led to weeks of consolidation, switching from bearish to bullish and back on shorter timeframes, while the underlying trend has remained “only up.” Related Reading | How Bitcoin Price Could Shed 50 To 70% If Momentum Turns Down The natural tug of war between buyers and sellers have left a zig-zagging pattern on the price chart that \u2013 if things turn down from here \u2013 could soon form a head and shoulders reversal pattern. The pattern is only a little more than two-thirds of the way through, currently near what should be the inflection point of the pattern. A head and shoulders could take bulls by surprise, before moving higher again | Source: BTCUSD on TradingView.com The Ongoing Showdown Between Bullish BTC Fundamentals And Bearish Technicals The battle between buyers and sellers of Bitcoin is currently at an impasse, and when either side eventually waves the white flag, there could be a long streak of green or red to follow. If the pattern is invalidated with a rise to a new all-time high, the cryptocurrency’s bull run is back on full steam, and could see prices a lot closer to $100,000 per coin within the next month or two. If price action cannot sustain and push higher, the pattern will confirm, any long positions built in the area will be forced to cover, and much larger move down could result. Technically, based on the measure rule, a return to around $40,000 per coin would be the target of the bearish structure, but would be far from putting the greater bull trend in jeopardy. Related Reading | Bitcoin Technicals Overheated, But Bullish Fundamentals Remain Unfazed A correction, very well could even be healthy, even if price action goes deeper than most would expect. Technical indicators are overheated, and market sentiment could use a reality check. Regardless of these factors, however, fundamentally, the bull run isn’t going anywhere anytime soon. Despite indicators so hot and bothered, fundamentals have barely flinched in the face of the ongoing consolidation slash correction. What few coins are left on exchange are leaving at a rate of tens of thousands per week, and most adoption metrics haven’t reached previous signs that might indicate a peak is in. All of these factors conclude that Bitcoin could see an overdue correction, but any dips would continue to be bought up by institutions. Featured image from Pixabay, Charts from TradingView.com<\/p>\n","protected":false},"author":517,"featured_media":459850,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3],"tags":[340,428,1119,1144,78790,6664,43405,83602,4524,76835],"class_list":["post-459848","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-bearish","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-crypto","tag-head-and-shoulders","tag-technical-pattern","tag-xbt","tag-xbtusd"],"acf":[],"yoast_head":"\nHeads Up: Bearish Bitcoin Technical Pattern Shouldn't Be Shrugged Off<\/title>\n<meta name=\"description\" content=\"Bitcoin price is struggling to get back above $60,000 currently, but bears thus far have been unable to swat price action away from local highs. 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The platform offers a range of learning tools and resources designed to empower traders with the knowledge to make informed trading decisions. In addition to his educational initiatives, Tony is a prolific author and a dominant voice in the crypto community. He writes the CoinChartist VIP newsletter, a weekly dispatch that has become a staple among crypto enthusiasts, revered for its insightful analysis and actionable trading advice. This newsletter has consistently ranked as a best-seller on SubStack, boasting thousands of subscribers who rely on Tony\u2019s expertise to guide their trading strategies. Tony is also celebrated for his literary contributions to the field. He is the author of the highest-rated Crypto Trading Journal on Amazon.com, a testament to his ability to communicate complex trading concepts in an accessible manner. This journal is widely regarded as an essential tool for traders aiming to track their progress and refine their strategies. Before his ascent in the financial analysis world, Tony honed his skills in journalism. His background in this field has endowed him with a unique ability to present intricate market dynamics in a clear and compelling manner, making his insights highly sought after by a broad audience that ranges from casual readers to professional traders. His professional affiliations underscore his commitment to excellence and continuous learning. As a partner of Elliott Wave International and TradingView, Tony collaborates with other leading experts to enhance his knowledge and skills. His active membership in the CMT Association further aligns him with the highest standards of industry practices and ethics. Tony\u2019s nickname, \"The Bull,\" aptly reflects his aggressive and optimistic outlook on the cryptocurrency markets. His forecasts often anticipate significant upturns, earning him a reputation for bullish predictions that have frequently led to lucrative outcomes for those who follow his advice. In summary, Tony \"The Bull\" Severino, CMT, is more than just a technical analyst; he is a mentor, educator, and innovator whose influence in the cryptocurrency space continues to grow. His dedication to advancing the understanding of market forces and his commitment to providing high-quality, reliable analysis make him a pivotal figure in the world of cryptocurrency trading.","sameAs":["https:\/\/coinchartist.io\/","https:\/\/www.instagram.com\/coinchartist_io\/","https:\/\/x.com\/https:\/\/twitter.com\/tonythebullBTC","https:\/\/www.youtube.com\/@coinchartist_io"],"url":"https:\/\/wncen.com\/author\/tonymspilotro\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Heads Up: Bearish Bitcoin Technical Pattern Shouldn’t Be Shrugged Off","url":"http:\/\/wncen.com\/news\/bitcoin-bearish-head-shoulders-btc\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin-bearish-head-shoulders-btc\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/bitcoin-bearish-technical-pattern-deaf-3737373_1920.jpeg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/bitcoin-bearish-technical-pattern-deaf-3737373_1920.jpeg?fit=1920%2C1280"},"articleSection":"Cryptocurrency Market News","author":[{"@type":"Person","name":"Tony \"El Toro\" Severino"}],"creator":["Tony \"El Toro\" Severino"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bearish","bitcoin","btc","btcusd","btcusdt","crypto","head and shoulders","technical pattern","xbt","xbtusd"],"dateCreated":"2021-03-30T01:00:48Z","datePublished":"2021-03-30T01:00:48Z","dateModified":"2024-06-11T14:14:22Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Heads Up: Bearish Bitcoin Technical Pattern Shouldn’t Be Shrugged Off\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bearish-head-shoulders-btc\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin-bearish-head-shoulders-btc\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/bitcoin-bearish-technical-pattern-deaf-3737373_1920.jpeg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2021\\\/03\\\/bitcoin-bearish-technical-pattern-deaf-3737373_1920.jpeg?fit=1920%2C1280\"},\"articleSection\":\"Cryptocurrency Market News\",\"author\":[{\"@type\":\"Person\",\"name\":\"Tony \\\"El Toro\\\" Severino\"}],\"creator\":[\"Tony \\\"El Toro\\\" Severino\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bearish\",\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"crypto\",\"head and shoulders\",\"technical pattern\",\"xbt\",\"xbtusd\"],\"dateCreated\":\"2021-03-30T01:00:48Z\",\"datePublished\":\"2021-03-30T01:00:48Z\",\"dateModified\":\"2024-06-11T14:14:22Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2021\/03\/bitcoin-bearish-technical-pattern-deaf-3737373_1920.jpeg?fit=1920%2C1280","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/459848"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/517"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=459848"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/459848\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/459850"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=459848"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=459848"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=459848"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}