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Bitcoin charted an “inside bar” pattern last month, making $13,200 the level to beat for the bulls.
A convincing move above $13,200 would imply a resumption of the rally from lows near $4,050 seen in April.
A break below $9,049 (July’s low) would confirm a bearish inside bar reversal on the monthly chart.
The hourly chart indicates prices could drop below $11,000 in the next 24 hours or so.
The bearish case would weaken if lower-highs pattern on the hourly chart is invalidated with a move above $11,431.
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Bitcoin (BTC) now needs to break above $13,200 to revive the stalled bull market, a key monthly chart pattern suggests.
The top cryptocurrency by market value created an “inside bar” pattern in July, with the monthly high and low of $13,200 and $9,049, respectively, falling within June’s trading range of $13,880 to $7,432.
An inside bar candle is characterized by a higher low and a lower high than the previous candle, and represents an indecisive market or consolidation in a narrowing price range.
A convincing break above the inside bar’s high is widely considered a sign of a bullish breakout. As such, July’s high of $13,200 is now the level to beat for the bulls.
As of writing, BTC is changing hands at $11,220 on Bitstamp, representing little change on a 24-hour basis.
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