With range-bound movements for the past ten days or so, Bitcoin is readying for another big leg up or down. The chart patterns are showing a pennant formation that will eventually come to a conclusion resulting in a larger move.
#bitcoin still ranging in the triangle, breakout coming soon… pic.twitter.com/5IHq5nObsz
— Lark Davis (@TheCryptoLark) June 2, 2021
These triangles are continuation patterns that usually result in more of the same, and in this case, the trend has been down since mid-April.
As reported by CryptoPotato, a death cross is looming which is also an indication of a larger dump to follow. Some analysts have predicted a fall to the $18,000 level and this does not seem too far-fetched considering the recent market sentiment.
The Bitcoin fear and greed index is still buried deep in the red, registering an ‘extreme fear’ level of 24 at the time of writing.
Things may not be all that bad though as the long-term fundamental properties of the asset remain intact and
Źródło: https://cryptopotato.com/bitcoin-breakout-imminent-chart-patterns-suggest-institutional-buying/
