On July 18, 2019, the Bitcoin price began an upward move which took it from $9300 to $10500 in a span of a few hours. Since then, it has been trading between $10,300 and $10,900.
How long will the BTC price continue trading in this range? Keep reading below in order to find out.
Note: This is an update of recent Bitcoin (BTC) price movements. For the daily update please click here.
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Bitcoin Price: Trends and Highlights for July 22
- BTC/USD is creating a head and shoulders pattern.
- Short-term moving averages have made a bearish cross.
BTC Price: Head And Shoulders
Since initiating the aforementioned upward move, the Bitcoin price has possibly created a head and shoulders pattern. The head and shoulders is a bearish pattern, making price breakdowns more likely.
The pattern consists of two similar highs, with one higher high in between.
In the case of BTC, they are:
- The left shoulder (July 19)
- The head (July 21)
- The right shoulder (July 22)
The 10- and 20-hour MAs have just made a bearish cross and are providing resistance to the price.
Therefore, we believe it is likely that BTC will break down from this support line.
Summary
The BTC price just made a head and shoulders pattern. According to our analysis, it is likely to complete it and break down. Do you think BTC will complete the head and shoulders pattern? Let us know in the comments below.Disclaimer: This article is not trading advice and should not be construed as such. Always consult a trained financial professional before investing in cryptocurrencies, as the market is particularly volatile. Images are courtesy of Shutterstock, TradingView.
Disclaimer
In line with the Trust Project guidelines, this price analysis article is for informational purposes only and should not be considered financial or investment advice. BeInCrypto is committed to accurate, unbiased reporting, but market conditions are subject to change without notice. Always conduct your own research and consult with a professional before making any financial decisions. Please note that our Terms and Conditions, Privacy Policy, and Disclaimers have been updated.
Valdrin Tahiri
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona School of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.
(I do not have a discord and will not contact you first there. Beware of scammers)
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