Bitcoin Price Analysis: Is BTC About to Post a ‘F*** You Reversal’ to $9K?
Bitcoin price has been rocket by another flash crash today, leaving many traders wondering if the bull season has already passed. But while the #1 cryptocurrency sits in the red, the price action seems to have other ideas.
What is ‘The F*** You Reversal’?
It first arrived on the scene during the major Bitcoin flash crash that happened between May 17-19, where Bitcoin plummeted by more than 22% in a single day. What was interesting about this particular crash, was that BTC went on to make a miraculous recovery only 2 days later and even go on to print a new YTD-high.
This remarkable reversal pattern has been coined as the F*** You Reversal by Bitcoinist senior market analyst FilbFilb for obvious reasons.
This reversal has several unique features, which help us to identify it from other reversal patterns:
(a) A sharp decline, which is quickly snapped up by bullish traders.
(b) A brief dip.
(c) A short uptrend
(d) A period of sideways consolidation
(e) A breakout
The Inverted F*** You Reversal
For example, if you invert the pattern you can see how Bitcoins price tracked almost perfectly inside it during the run up to a new YTD-high, between May 26-31. It even began to dip right at the same time that the previous reversal pattern began to rise. Amazing!
The Bitcoin Price F*** You Reversal Right Now
If all that happens, then it seems likely that we could expect a strong surge to lift BTC back towards 8.3K, potentially as early as 21:00 (UTC+1) today! From there, bullish traders could use that level as a strong support and go on to retest the $9K.
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[Disclaimer: The views and opinions of the writer should not be misconstrued as financial advice.]
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