Bitcoin Price Could Drop Down To $7000; Diamond Top Breakdown Confirms Right Shoulder

On Friday, October 18, Bitcoin price set a higher low at roughly $7,800, signaling that bearish sell pressure may be waning. It resulted in bulls being able to push the price of the first-ever cryptocurrency to $8,300, where an elusive diamond top chart pattern formed on lower timeframes.

Diamond tops typically form at the top of uptrends and signal that a deep drop is ahead. The pattern, while commonly said to form infrequently by traders across all markets, often results in a powerful move to the downside.

According to crypto analyst Akira Max, the pattern, once confirmed, would result in a return to local lows around $7,800 once again, where Bitcoin would be in critical danger of another even deeper descent to set a new lower low. Read More...