Bitcoin Trend Patterns Awaiting a Price Explosion

By Steven Anderson September 14, 2019 Off
bitcoin trend

Bitcoin has been following a symmetrical triangle pattern with two converging trend lines connecting a series of sequential peaks and troughs. The token has been trending in this pattern for over 5-months now.

The first signs of this pattern were during May 2019, and the price of the Bitcoin rallied from a low at $5,000 to a high of $14,000 during June.  Three distinct lower highs were seen at $13,000, $12,000, and $11,000.

The lower side of the triangle provided for support at recent higher lows at $9,350 and $9,850 during the end of August and during September 11, 2019, respectively.

The exciting trend is not the pattern itself, but the length of the pattern’s shape and the range in its price movement ongoing for nearly five months now and the astonishing growth from $10,000 top to bottom.

It is not possible to predict what might happen next when a breakout does occur; the price drop or rise, which falls outside the trend lines are likely sizable.  The movement can be as high as $5,000 towards swing up or swing down during the next few weeks.

All investors are eagerly awaiting the expiry of the current pattern.  And, there are estimates about which way this pattern might break out. Currently, there is no precise prediction about what might happen next and on whether it will be way up or down. While the asset is not at an all-time high, the only thing that is before us is the explosion of the price in the forthcoming trading days.

Cryptocurrency fraudsters are executing scams and outright thefts from cryptocurrency exchanges putting investors into peril.

Forbes reported QR codes for scammer wallet. When “Bitcoin QR generator” was used as a search keyword in Google, at least five results are coming up and four of these leading to scam websites.  Thus, this creates a negative perception of Bitcoin and cryptocurrency in the eyes of the general public.

When one of these users generate QR code for their Bitcoin address, this will create a QR code, which will lead to the scammer’s wallet.  These QR codes are used to share their data related to Bitcoin or cryptocurrency wallet addresses.

ZenGo’s Tal Be’ery, stated, “These sites generate a QR code that encodes an address controlled by the scammers, instead of the one requested by the user, thus directing all payments for this QR code to the scammers.”

Scammers are not even bothered about generating their fake QR. Instead, they rely on other third-party generators to create a QR for their address.