The Last Time Bitcoin Formed These 3 Patterns, It Dropped 60% in a Week

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Bitcoin has finally started to move higher after flatlining around $9,000 for over 10 days. During Wednesday’s trading session, the leading cryptocurrency moved as high as $9,475 — the highest price in weeks. Analysts say, however, that this price action hides an eerie set of bearish technical occurrences. What’s interesting is out of these technical occurrences, there are some that were last seen when BTC topped at $10,500 in February. Bitcoin Forms Eerie Similarities to February’s Brutal $10,500 High A pseudonymous cryptocurrency trader says that Bitcoin’s recent price action is almost structurally identical to the $10,500 high seen in February. He shared the chart below on July 8th, showing that both periods have the exact same three trends: a semi-rounded top, a markdown after that top, then an ascending triangle that fails to trigger a bullish recovery. Worse yet, the on-balance volume indicator looks almost identical to how it looked…

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