{"id":394688,"date":"2019-08-30T21:00:48","date_gmt":"2019-08-30T21:00:48","guid":{"rendered":"https:\/\/uniquehot.com\/?p=394688"},"modified":"2019-08-30T15:12:36","modified_gmt":"2019-08-30T15:12:36","slug":"bears-beware-bitcoin-price-might-range-for-another-month","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/news\/bears-beware-bitcoin-price-might-range-for-another-month\/","title":{"rendered":"Bears Beware: Bitcoin Price Might Range For Another Month"},"content":{"rendered":"

Bears are rejoicing now that Bitcoin price<\/a> is back below $10,000 and at risk of falling further to retest former lows as support.<\/span><\/p>\n

But while recent Bitcoin price action may suggest that bears have resumed control over the short-term trend, bulls haven\u2019t given up the fight. The game of tug-of-war may continue to go on for another month before exhausting this trading range and moving along to another.<\/span><\/p>\n

Max Pain Scenario: Another Month of Sideways Bitcoin Price Action<\/h2>\n

Bitcoin price<\/a> has been trading between decreasingly lower highs and support at $9,300 over the last two or so months, forming what appears to be a descending triangle chart pattern. These chart patterns are typically bearish and suggest a break to the downside is imminent.<\/span><\/p>\n

Related Reading | EOS, Ethereum, and Litecoin Lead Massive Bitcoin Dump to $9,500\u00a0<\/a><\/strong><\/em><\/p>\n

Bears know this, are already euphoric now that Bitcoin price is below $10,000<\/a>, and are expecting a far deeper correction from here where they can buy Bitcoin for cheaper prices.<\/span><\/p>\n

But bears need to beware that bulls could once again support Bitcoin price at current levels and push price back up to the top of the triangle. A fast, powerful move back toward $10,000 could surprise bears and squeeze late shorters, propelling Bitcoin price back upward towards $11,000 \u2013 which coincides with the triangle\u2019s descending resistance.<\/span><\/p>\n

One crypto analyst believes that not only is this scenario likely, but it could also continue to repeat throughout the rest of the month, ranging inside the descending triangle<\/a>.<\/span><\/p>\n

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Can we break down? Yes.<\/p>\n

Good to be aware that there is still al ot of room not to tho.<\/p>\n

Maybe it will range for another month pic.twitter.com\/SIPigc3E4n<\/a><\/p>\n

— Lord Catoshi (@LordCatoshi) August 30, 2019<\/a><\/p><\/blockquote>\n