BTC Price Flipped H&S Pattern, Yet May Plunge
The Bitcoin price rally which began in the mid of December 2020, marked the most historical rally in history by breaking all the resistance levels. Many expected $50K is approaching very soon, yet a plunge trembled the rally which may be a massive one.
The price currently has entered an ascending triangle yet once again where-in an uptrend is important for the continued trend towards $50K.
The 4hour chart of the BTC price showcases a Head & Shoulder pattern formed a couple of times in the past few days. However, the price flipped the pattern to surge but trending in a very narrow range.
In the current scenario, despite the H&S pattern is whipped, the price is required to jump breaking the upper resistance of the triangle. Else the downtrend might drag the price to the lowest ever levels, quashing all the profits of the bull rally.
According to an analyst, Lark Davis, Bitcoin is coiling up for a massive launch towards its target at $50K, by the end of January 2021. He also mentioned that the Altcoins will also pump hard in the meantime.
Important Retest for Bitcoin Price
Bitcoin often enters a decisive phase and ends up being victorious most of the times. However, the price has also suffered a plunge which declined the price around 18%- 25% in recent times.
Currently, as per an analyst, MMCrypto, Bitcoin is gearing up for the most important retest of the month. The analyst says that, if the price breaks the above resistance level, then probably the levels close to the head & Shoulders invalidation. If in case, the price gets rejected, it may drop massively, maybe levels below $30K also.
BTC price at the time of writing is $35,268, attempting very hard to maintain above $35,000. If the Bitcoin price rally needs to continue to hit the target at $50,000, then a breakout is very important holding strongly at the support levels.