Bitcoin Undergoes Selloff After Breaching $55,000; Breakdown Ahead?

Bitcoin price made a sharp breakdown from consolidation recently, signaling that a longer-term downtrend could take place. Bitcoin Price Key Highlights. Bitcoin price was trading inside a symmetrical triangle pattern before a strong breakdown ensued. An early signal for this selloff materialized on the 1-hour time frame when price broke below a head and shoulders pattern. Economic reports released last Friday seemed to be the main catalyst for the big move. Technical Indicators Signals. The 100 SMA and 200 SMA are still oscillating, as the moving averages have yet to incorporate the recent....

Bitcoin price has been in a steady uptrend for months now, but a sudden sharp selloff turned the crypto market into a sea of red today. Ahead of the market turning red, a whale was spotted moving a substantial amount of BTC to a popular cryptocurrency exchange, taking reserves to the highest level all year. Since the deposit was made, nearly 20% has been taken off the price of the leading cryptocurrency by market cap.  […]

Bitcoin price suffered a sharp decline, which might be a sign that the climb is over and that further losses are underway. Bitcoin Price Key Highlights. The recent sharp drop in bitcoin price turned out to be an omen for an even larger selloff, causing a break below the ascending channel support. This breakdown suggests that a reversal from the previous uptrend could be in the cards, possibly taking it down to the lows near $700. News from China combined with strong dollar demand triggered the huge selloff. Technical Indicators Signals. The 100 SMA is still above the 200 SMA on this time....

The inverted head and shoulders pattern hints at a decisive breakout move in the Polkadot market. Polkadot (DOT) chart technicals suggest it may rally to a new record high near $75 if DOT can manage to close above its $41–$43 range decisively.That’s according to a classic bullish reversal setup known as an inverse head and shoulders (H&S) that forms when the price undergoes three selloffs during a period of market consolidation. Specifically, the pattern contains an initial selloff, followed by a short-term price rally and another — deeper — selloff. That leads to one more small correction....

Bitcoin has come a long way from where it was just under one year ago, with the March 12th selloff sending the cryptocurrency to lows of $3,800 – from which point it has seen exponential upside growth. One analyst is now noting that BTC’s days seeing sharp selloff events like this one are over, with its […]