Converging Bitcoin Indicators See Price Stagnant at $8,000s Until Sept 2020

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Risks of Bitcoin price moving towards $8,2000 in the next quarter are growing, per two historically accurate technical indicators. The benchmark cryptocurrency has been trending downwards in a Falling Wedge pattern since June 2020. Meanwhile, it has painted a Death Cross that points to a further bearish correction in the market. There is a strong likelihood of Bitcoin correcting lower towards $8,200 in Q3/2020. So hints a confluence of two technical indicators. As of late, Bitcoin is trending inside a “Falling Wedge,” a pattern that develops as price trends downward while leaving a string of lower lows and lower highs behind. Meanwhile, the cryptocurrency’s short-term moving averages have formed a Death Cross. Bitcoin price chart showing a Falling Wedge pattern and a Death Cross. Source: On June 26, Bitcoin’s 50-day simple moving average crossed above its 20-day exponential moving average. Traders typically see the crossover as a sign of…

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