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The price of Bitcoin remained under pressure this week because they were other care for the trade, but two rare patterns indicate a possible jump.
Bitcoin (BTC) waved, while the cryptocurrency index and greed slipped this week in the fearing zone of 35. Most of this weakness was due to the constant fear of the trade war between the United States and its best partners.
Now they have already started charging tariffs on Chinese goods, which can affect the volume of a $ 450 billion in the store. While the Canadian and Mexican tariffs stopped, there is a chance that they will restart next month.
These trade jerks led to a sense of fear among the market participants. The cryptocurrency index and greed fell to the level of fear of 35, while the CNN money index fell to 39.
Bitcoin has also remained on the verge because investors remain on the side for now. The strategy paused for the purchase of bitcoin, while COINGLAS data indicates a weak future of open interest. The Bitcoin ETF inflows have remained about $ 57 billion, which is less than this year’s maximum of $ 68 billion.
Bitcoin price was also decaying because of the federal reserves, which pointed to more hawk tone at their first meeting of monetary policy in the year. The bank has left interest rates unchanged and hinted that it will only provide two decreases this year. Bitcoin and other altcoini get well when the Fed has a slope naked.
Technical techniques indicate the leap of the price of bitcoin
The weekly chart shows that BTC has formed two rare chart patterns that often lead to significant gains over time. The first is a cup and handle formed between November 2021 and November last year. This pattern consists of a horizontal line and a rounded bottom to create a glass, followed by some consolidation.
The aim of the profit was established by measuring the depth of the glass and then by measuring the same distance from the upper side of the glass. In this case, the depth is about 80%, which means that the coin will be deducted to $ 123,000.
The recent consolidation of Bitcoin is part of a sample of the bull flag, which has a long vertical line and a rectangle sample. The size of the flag pillar is about 55%. Measuring that distance from the upper side of the point to the breakthrough of $ 166,000.
The warning of this prediction of the BTC price is that it may take time because it uses the weekly chart. For example, the C&H sample lasted about three years. As such, Bitcoin price increases to $ 166,000, it can take time.
