Connect with us


Bitcoin Traces an Ominous Chart Pattern Evoking Plunge in June




The latest Bitcoin chart pattern indicates that cryptocurrency speculators should brace for more losses. 

The largest digital token has traced a so-called rising wedge, which technical analysts view as the calm before the storm – a temporary hiatus in episodes of often intense downward pressure on an asset’s price. 

A rising wedge also appeared between May and June, stopping Bitcoin’s earlier dramatic decline. Still, it was followed by a 42 percent decline that brought the virtual currency down to $17,600 from over $30,000.


After falling by 57 percent this year due to tightening monetary policy, the collapse of leveraged crypto companies, and a gloomy attitude in global markets, opinions are divided on whether the cryptocurrency has found a floor around $20,000.

According to most respondents in the most recent MLIV Pulse survey, the token is more likely to fall to $10,000 than to reach $30,000. It decreased by around 2.4 percent to $19,927 on Tuesday at 12:10 p.m. in Singapore.

Craig Erlam, a senior market analyst at Oanda, stated in a note that “not only is the larger market climate not in its favor, even if the occasional bear-market bounce offers some hope, but the crypto community isn’t exactly booming either.”