Black Friday is here and it surely seems so even in the Bitcoin market as the price of BTC soared above $7,800 USD, signaling a possible run up to the $8,000s soon. But with Cyber Monday coming up, some fear a bearish set up remains strongly printed on the charts in the coming days.
Is $8,000 a Possibility in Coming Days?
Taking a close look at the short timeframe charts, BTC/USD formation of an inverted Head and Shoulders (H&S) pattern looks very bullish for the price. A close above the neckline at $7,900 USD, will confirm a possible boost back above $9,000 resistance levels and possibly back to $10K.
Bulls pushed the price of BTC above the resistance level at $7,935 USD but failed to hold on to the market as bears took control setting the price back to $7,780. However, the price of BTC/USD has traded sideways for the past few candles showing frightening signs of bears taking over.
Volumes have kept dropping in the past few trading sessions despite price increasing which signals a possible bull trap and a bearish reversal on hand.
Still Far From Redemption
Many analysts have predicted this is not the end of the bearish run on BTC/USD as $9,000 and $6,000 regions are still a live possibility, despite the 5% growth in the past 24 hours. The 4H candle charts bearish wedge support level is well in reach and a close below $7,300 USD in the next week spells doom for the pair.
Furthermore, zooming out the charts to the daily candle charts, BTC/USD perma bulls are struggling to gain strength to push the price above the bearish channel resistance. Combined with a falling relative index towards the oversold region, BTC/USD looks set to test the $7,000 support level before any bullish run materializes.