{"id":385609,"date":"2019-06-10T13:44:05","date_gmt":"2019-06-10T13:44:05","guid":{"rendered":"https:\/\/uniquehot.com\/?p=385609"},"modified":"2024-06-11T13:44:00","modified_gmt":"2024-06-11T13:44:00","slug":"bitcoin-head-and-shoulders-crypto","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bitcoin-head-and-shoulders-crypto\/","title":{"rendered":"Contrarian Bitcoin Upsets Bearish Investors, But Massive Head and Shoulders Still in Play"},"content":{"rendered":"

In the early hours of the morning, Bitcoin<\/a> exploded upward to $8,000 from a double-bottom local low set over the weekend around $7,500. The rally upset overly bearish crypto investors and traders who had been expecting further downside in the price of the first ever cryptocurrency.<\/span><\/p>\n

The brief, yet powerful green candle may have shocked bears, an ominous and massive head and shoulders has been forming on the price charts of Bitcoin and other leading crypto assets, suggesting that the bears may soon have their party, and the crypto market may see a sharp drop lower if the formation is completed and confirms.<\/span><\/p>\n

Bears in Disbelief: Bitcoin Rallies From Local Low in Surprise Move<\/span><\/h2>\n
Oftentimes, the best move for investors is to take a contrarian stance from the rest of the market. Much like calls for million-dollar BTC were signals the last bull market top was in, calls for sub-$1,000 Bitcoin was equally exuberant<\/a>.<\/span><\/p>\n
Related Reading | Peter Brandt Bearish After Bitcoin Breaks Bullish Trend, Expects Further Reversal\u00a0<\/a><\/strong><\/em><\/p>\n
But it\u2019s when the majority of the market is expecting it to trend in a specific direction, more often than not the market moves in the opposite direction.<\/span><\/p>\n
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when bears get cocky and my feed is 80% filled with 6k calls things like this happen.$btc<\/a> pic.twitter.com\/l8UiVc4MID<\/a><\/p>\n
— Bluntz (@Bluntz_Capital) June 10, 2019<\/a><\/p><\/blockquote>\n