Bitcoin
BTC$51 064.80

0.19%

Ethereum
ETH$2 957.14

0.98%

Tether
USDT$0.999862

0.02%

Binance Coin
BNB$380.19

1.58%

Solana
SOL$102.39

1.01%

XRP
XRP$0.544264

1.88%

Classic bearish chart pattern forms for Bitcoin as BTC price tumbles to $32K


22 Jun 2021

#Bitcoin

Bitcoin (BTC) bulls should look for a cover, at least as far as chart technicals are concerned. The flagship cryptocurrency continued its price declines into the new weekly session, hitting $32,105 ahead of the London opening bell following an approximately 10% intraday drop. In doing so, it raised the prospect of retesting its quarter-to-date low of $30,000 for either a bearish breakdown or a bullish pullback.

But as traders grapple with the ongoing medium-term bias conflict in the Bitcoin market, one classic technical pattern has surfaced to boost a bearish outlook. Spotted by Keith Wareing, an independent market analyst, the so-called “Inverse Cup and Handle” structure points to an extended downside price correction ahead in the Bitcoin market. In detail, the pattern develops when an asset forms a large crescent shape as it rallies higher and corrects lower, followed by a less extreme, upward rebound.

Traders look at the Inverse Cup and Handle pattern as their cue to open short positions to target deeper levels. The most extreme bearish target, in such a case, is determined by measuring the distance between the cup’s top and the pattern’s breakout level. Meanwhile, traders typically spot breakout levels when the price breaks out from the handle pattern to the downside while accompanied by higher volumes. Based on the chart provided by Wareing, Bitcoin’s recent price action — ranging from its pump to nearly $65,000 followed by a dump to $30,000 and a retracement to $40,000 — almost checks all the boxes that confirm the presence of an Inverse Cup and Handle structure.

The depressive Bitcoin setup appeared as traders assessed the United States Federal Reserve’s hawkish reversal on interest rates and inflation. Last week, the U.S. central bank signaled that it could raise benchmark lending rates by the end of 2023 instead of 2024 to tame the rising inflation.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 63.2% 79 $51 064.80 0.19% -1.23% $1 002 726 253 755 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 62.8% 74 $2 957.14 0.98% 6.25% $355 320 164 426 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 93.6% 1 $0.999862 0.02% -0.05% $97 897 245 105 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 64.4% 70 $380.19 1.58% 6.06% $56 855 097 069 BNB 7 days price change
5 Solana (SOL) SOL Solana predictions 75.6% 50 $102.39 1.01% -6.27% $45 160 504 971 SOL 7 days price change
6 XRP (XRP) XRP XRP predictions 88.4% 21 $0.544264 1.88% -1.86% $29 713 663 516 XRP 7 days price change
7 USD Coin (USDC) USDC USD Coin predictions 94.8% 1 $1.000060 0.02% 0% $28 142 288 771 USDC 7 days price change
8 Cardano (ADA) ADA Cardano predictions 68.8% 70 $0.587507 1.25% -0.18% $20 839 053 273 ADA 7 days price change
9 Avalanche (AVAX) AVAX Avalanche predictions 71.2% 56 $36.74 1.02% -7.67% $13 857 064 704 AVAX 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 90% 13 $0.085290 2.43% 0.79% $12 213 970 927 DOGE 7 days price change
11 Wrapped TRON (WTRX) WTRX Wrapped TRON predictions 72% 61 $0.137543 -0.73% -0.53% $12 105 717 298 WTRX 7 days price change
12 TRON (TRX) TRX TRON predictions 69.6% 62 $0.137396 -1.07% -0.76% $12 092 837 888 TRX 7 days price change
13 Chainlink (LINK) LINK Chainlink predictions 69.2% 62 $18.34 2.51% -7.56% $10 765 572 543 LINK 7 days price change
14 Lido stETH (STETH) STETH Lido stETH predictions 94% 1 $2 941.39 -0.40% -3.32% $10 258 752 564 STETH 7 days price change
15 Polkadot (DOT) DOT Polkadot predictions 76% 48 $7.75 5.97% 1.67% $9 941 667 784 DOT 7 days price change

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