FX.co ★ Patterns #Bitcoin | Bitcoin cryptocurrency Rate in the Forex market

The technical pattern called Head and Shoulders has appeared on the chart of #Bitcoin M5. There are weighty reasons to suggest that the price will surpass the Neckline 98447.89/98410.42 after the right shoulder has been formed. So, the trend is set to change with the price heading for 98410.27.

According to the chart of M5, #Bitcoin formed the Bullish Symmetrical Triangle pattern. The lower border of the pattern touches the coordinates 97098.59/97351.69 whereas the upper border goes across 97646.52/97351.69. If the Bullish Symmetrical Triangle pattern is in progress, this evidently signals a further upward trend. In other words, in case the scenario comes true, the price of #Bitcoin will breach the upper border to head for 97351.84.

On the chart of #Bitcoin M30 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 97778.11; the lower boundary 95400.30; the width of the pattern 237781 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 95400.00 level.

On the chart of #Bitcoin M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 97778.11; the lower boundary 97417.04; the width of the pattern 36107 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 97416.89 level.

According to H1, #Bitcoin is shaping the technical pattern – the Inverse Head and Shoulder. In case the Neckline 98239.22/97700.73 is broken out, the instrument is likely to move toward 97701.13.

On the chart of #Bitcoin M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 97765.74; the lower boundary 95400.30; the width of the pattern 236544 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 95400.15 level.

The Triple Top pattern has formed on the chart of the #Bitcoin M5. Features of the pattern: borders have an ascending angle; the lower line of the pattern has the coordinates 96253.29/96560.25 with the upper limit 97670.68/97700.73; the projection of the width is 141739 points. The formation of the Triple Top figure most likely indicates a change in the trend from upward to downward. This means that in the event of a breakdown of the support level of 96253.29, the price is most likely to continue the downward movement.

According to the chart of M5, #Bitcoin formed the Bullish Symmetrical Triangle pattern. Description: This is the pattern of a trend continuation. 97670.68 and 96126.89 are the coordinates of the upper and lower borders respectively. The pattern width is measured on the chart at 154379 pips. Outlook: If the upper border 97670.68 is broken, the price is likely to continue its move by 96910.32.

On the chart of #Bitcoin M5 the Double Top reversal pattern has been formed. Characteristics: the upper boundary 97824.95; the lower boundary 96820.67; the width of the pattern 100428 points. The signal: a break of the lower boundary will cause continuation of the downward trend targeting the 96820.52 level.

The Double Bottom pattern has been formed on #Bitcoin M30. This formation signals a reversal of the trend from downwards to upwards. The signal is that a buy trade should be opened after the upper boundary of the pattern 98377.37 is broken. The further movements will rely on the width of the current pattern 269610 points.