Bitcoin price falls below $ 9,000, rally now in danger
Two weeks ago, the Bitcoin course set a record-breaking fourth-largest 392 – hourly rally in the asset’s young history, shooting from 7. 24 $ . 500 $.
After weeks of consolidation, the crypto-asset ran out of power, first falling short of support at 9. 000 $ has where it is currently traded. Can bulls push Bitcoin back on support and push up, or will the bears regain control and possibly reach a new local low?
Bitcoin price is reflected in another descending triangle
Yesterday, after weeks of indecision in a narrowing area, the crypto-asset seems to have made a decision about its direction and is under 9. 000 $ dropped. Once again, Bitcoin may find itself in a descending triangular pattern – a pattern that has repeatedly led to catastrophe for the crypto-asset throughout the bear market.
Possible formation could save the market
But the hope is not lost for the Bulls, despite yesterday’s decline. The powerful rally could have been the flagpole in a massive bull flag. Bull flags typically mark lower highs and lows before finally surprising the bears with a quick move over the resistance.
If the Bitcoin price finds support at the $ 8. Triangle, with a destination of over 11. $.
Moving towards $ would likely restore the confidence of bullish crypto investors and support the theory that Bitcoin’s next bull run will begin.
Otherwise, the historic rally could be almost completely erased and a stronger decline would be likely. However, it does not mean that Bitcoin’s chances for a bull market are completely lost.
The goal of the bull flag on the monthly price chart would be a new all-time high. After Bitcoin .) .
Text Proof: newsbtc