Bitcoin Technical Analysis: BTC Primed For The Next Decline (May 2020)

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The price of Bitcoin has done exactly what we anticipated and we saw a big move towards the $9.5k mark to complete the right shoulder of the Head and Shoulders formation. BTC/USD ended up rising a little higher than that but has now declined. The larger trend remains unchanged and BTC/USD is still on the verge of a major decline below $8k from current levels. The price action looks a lot similar to the one from the previous major downtrend. We can see that the pattern of higher highs and higher lows on the daily time frame is now broken and Bitcoin is expected to enter a major downtrend.

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