After an extended consolidation around the USD 19,000 price range, Bitcoin price dipped way below that price and reached USD 17,600. After the events of the big fall of cryptocurrencies around the same time 3 years ago, traders and investors became wary of that time of the year and became uncircumspect in their trading stance. This year is no different, and the recent 9% drop in the price along with other technical indicators created a panic across all cryptocurrencies. Are investors selling Bitcoin again this December 2020?
Bitcoin Price Prediction – Technicals showing weary Price-Actions
After last our last article, we spoke about a triangle formation happening in the price-action of Bitcoin prices, with two potential scenarios:
- If the price manages to break the upper triangle, an early price rally would occur bringing the price upwards
- If the price breaks the lower triangle, prices should fall further to the next support areas
Interestingly, the second scenario took place, and prices broke the lower triangle line, only to reach the support area of USD 17,650 for a brief moment, and corrected back above the USD 18,000 psychological price.
When did this second scenario take place? Well, you guessed it…Midnight on the 9th, when volatility increases…