Bitcoin Price Analysis: Is BTC About To Post A ‘F*** You Reversal’ To $9K?

THELOGICALINDIAN - Bitcoin amount has been rocked by addition beam blast today abrogation abounding traders apprehensive if the balderdash division has already anesthetized But while the 1 cryptocurrency sits in the red the amount activity seems to accept added ideas

What is ‘The F* You Reversal’?**

On the 4-Hour BTC/USD chart, we can see that an absorbing arrangement has been reappearing every time Bitcoin endures a beam crash, or able pump in BTC amount [coin_price].

It aboriginal accustomed on the arena during the above Bitcoin beam blast that happened amid May 17-19, area Bitcoin plummeted by added than 22% in a distinct day. What was absorbing about this accurate crash, was that BTC went on to accomplish a amazing accretion alone 2 canicule after and alike go on to book a new YTD-high.

This arresting changeabout arrangement has been coined as the ‘F*** You Reversal’ by Bitcoinist chief bazaar analyst FilbFilb for accessible reasons.

This changeabout has several different features, which advice us to analyze it from added changeabout patterns:

(a) A aciculate decline, which is bound airtight up by bullish traders.
(b) A abrupt dip.
(c) A abbreviate uptrend
(d) A aeon of alongside consolidation
(e) A breakout

The Inverted ‘F* You Reversal’**

What’s alike added absorbing about this pattern, is that already you see it for the aboriginal time you activate to see it in added places on Bitcoin’s blueprint – decidedly aural the aftermost 5 weeks.

For example, if you alter the arrangement you can see how Bitcoin’s amount tracked about altogether central it during the countdown to a new YTD-high, amid May 26-31. It alike began to dip appropriate at the aforementioned time that the antecedent changeabout arrangement began to rise. Amazing!

The Bitcoin Price ‘F* You Reversal’ Right Now**

If we action the aforementioned arrangement on to the accepted amount action now, we can see that it additionally fits actual well. Surprisingly well, in fact. The amount has aloof recovered from the aperture dip (part B on the list) and is now branch appear a abbreviate pump (part C). From there, we would like to see it activate travelling alongside (part D) while bullish traders activate to accumulate.

If all that happens, again it seems acceptable that we could apprehend a able billow to lift BTC aback appear 8.3K, potentially as aboriginal as 21:00 (UTC 1) today! From there, bullish traders could use that akin as able abutment and go on to retest the $9K.