Published on July 13th, 2018 | by bitcoin0
After A $6K Defense Again Bitcoin Price Shows Green Again
BTC was expected to drop below $6,000 in the last 24 hours as the bears were on the offensive following an inverted flag breakdown.
However, the intraday oversold conditions likely put a floor under bitcoin prices at the two-week low of $6,080, helping it chart a solid rebound to $6,283 (today’s high).
Moreover, the probability of BTC’s price charting a picture-perfect inverse head-and-shoulders bullish reversal pattern would have dropped sharply had BTC found acceptance below $6,000.
The above chart shows BTC created a falling wedge pattern over the last four days, as represented by lower highs and lower lows.
The downside move will likely gather pace if BTC fails to hold above $6,080 (previous day’s high) over the weekend.