All eyes are on Bitcoin and more specifically if the cryptocurrency is able to hold above both the “meme” downtrend line and the critical level of $10,000.
The asset thus far has held strong, confirming both former resistance levels as support. But at the same time, the leading cryptocurrency by market cap may have also confirmed the largest reversal pattern in its entire history.
Has The Cryptocurrency Just Confirmed Its Largest Reversal Chart Pattern Ever?
When Bitcoin slammed headfirst into $20,000 and immediately fell over $8,000 to $12,000 days later, it was clear there was a reversal taking place. The blow-off top has still yet to be retested, and thus far marks the most significant confirmed reversal left behind on Bitcoin’s price charts at a full 40% movement in the pattern from top to bottom.
Nearly a full year later, Bitcoin then collapsed to its current bear market bottom at $3,200, and consolidated for months, forming yet another reversal