Bitcoin, the world’s first decentralized currency has been dramatically blown away with price fluctuations. The flagship currency is currently hovering around $29,000 after dropping below $30,000 yesterday.
At the moment, Bitcoin is trading at $29,419 with a plunge of 1.23% over the last 24hrs. It looks like Bitcoin has to undergo a few more price crashes before climbing north.
Bitcoin To See Further Downfall
Though Bitcoin has rebounded by 15% from its crash last week’s crash, the analysts at Bloomberg, are expecting Bitcoin to face a pull back even more in the coming days.
After the recent bounce, Bitcoin has currently been placed at a saucer-top pattern which is formed on an hourly chart and within this pattern, the head and shoulder pattern has woken up. This price action is pointing towards a reverse from a bullish to bearish trend.
Hence, if the Bitcoin price has to avoid the further pull back, the bulls should manage to spike above $30,800 level.
Bitcoin Price Action, A Mere Bull Trap
At the start of the May month, a popular Bitcoin critic who is also a fund manager, Peter Schiff had put forth his opinion via Tweet that Bitcoin chart was depicting double Top and Head and Shoulder patterns.
As both these pattern are bearish indicators, he called them as “ominous combination” and said that there is still a long way for Bitcoin to overtake the bearish market if these formation plays out.
While today, Peter Schiff predicted via another tweet claiming that it’s been a while that Bitcoin is holding on to its $30,000 resisting for a further pull back.
However, he believes this is a bull trap whose main aim is to attract as many as investors before facing another price crash.