Textbook Indicator Predicts Bitcoin Will Fall Back Below $20,000

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Bitcoin is flashing a Head and Shoulder following its downside correction from the record high of $24,300. Bitcoin Bearish Reversal The bearish pattern forms when an asset develops forms three peaks, with the middle one longer than the others. Meanwhile, all the peaks receive support from the same neckline support, sloping upward, downward, or sideways. Bitcoin is building a similar structure, cleanly visible on its four-hour chart. Bitcoin H&S pattern as presented by Vince Prince. Source: BTCUSD on TradingView.com So it seems, the cryptocurrency has built the right shoulder in the range of its left shoulder around $23,800, with the head inched upward towards $24,300. It is now close to retesting the neckline support below $22,500. If flipped, the level can lead the Bitcoin price towards $20,000 — or even lower. Market analyst Jacob Canfield further envisioned a bearish scenario if Bitcoin fails to hold the $22,500-neckline as support. He…

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