Bitcoin rate continues to decline and may fall to $ 8300

A classic “head and shoulders” graphic pattern has formed on the Bitcoin chart, which indicates the weakening strength of buyers and the entry into a bearish phase.

After the BTC rate fell on Monday, almostfrom $10 thousand to $9.6 thousand, it continues to gradually decline, and at the time of publication it reached the key support level around $9.4 thousand (at the neckline). If the bulls are unable to defend this level, then the head and shoulders pattern will be reversed. will be confirmed, which could trigger sales growth as market participants expect furtherrecession up to the measured target of about $ 8.3 thousand

The formation of this pattern does not provide completeguarantees the onset of a bear market, since further movement depends on the prevailing circumstances. However, after a prolonged rise, which has been observed over the past months, a breakdown of the neckline often leads to a decline in the price amid a sell-off. At the same time, the decline may be suspended at key support levels in the area of ​​$9,190 and $9,075.

It should also be taken into account that there are still failuresbelow $9.5 thousand were short-term. If the bulls hold back the onslaught, the rate will be able to return to $9.8 thousand, but to confirm the upward trend, an increase to at least $10,130 is necessary.

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