In the mid hours of the Asian trading session today, Bitcoin broke above the $9,550 resistance but it was immediately rejected as the leading crypto failed to maintain balance around that point, Bitcoin dropped to its previous resistance and at press time, the crypto had lost over $200 from its newest peak value.
This latest trend divided the crypto community into three as some claimed the last time such happened, Bitcoin tanked to $6,000 while others believe that for BTC to have tested a new resistance, a bullish rally is on the build. Nevertheless, the last set averred that it is too early to decide the next trend of Bitcoin.
In veteran trader Peter Brandt’s perception, Bitcoin trend can be described as being similar to “a Popular Brand of Shampoo.”
Obviously, the trader was talking about Head and Shoulder. Coupled with the graphical illustration in the statement, one can understand that Brandt claims Bitcoin is displaying a head and shoulder pattern.
A popular brand of shampoo pic.twitter.com/dSnFFssirD
— Peter Brandt (@PeterLBrandt) February 2, 2020
Since yesterday when Bitcoin was trading below $9,5000, analysts conjectured that Bitcoin would display a head and shoulder pattern, and the cryptocurrency afterward trended up as forecasted while the bears failed to drag BTC down to its main support $9,150.
While on the upside trend, Bitcoin formed a new high for the year, reaching $9,600. At press time, Bitcoin had fallen to $9,300 region and it is trading above the 23.3% Fib retracement level from the $9,609 high to $9,232 low.
This indicates that a bullish trend that would push the cryptocurrency to $10,000 may be around the corner.
Top Crypto Trader believes Bitcoin is Primed to Surge higher above $10,000
As Bitcoin rally up over the night after trading sideways over the weekend, a leading crypto trader by the name Dave the Wave to posit that such trend is just a tip of an iceberg.
The crypto trader in a tweet illustrated Bitcoin reaching $9,600is in a mini parabola trend, hence, the asset is primed to reach $11,500 by the end of the month.
Another dash up, or a period of tranquility? Either way, good for the short, medium, and long term….
Alts starting to make a move also [feel free to PM if interested in my fee-based alts page]. pic.twitter.com/mlPdcodYk4
— dave the wave (@davthewave) February 2, 2020