Bitcoin and Ripple Just Formed an Extremely Rare Price Pattern!

BTC and XRP have enjoyed resurgence since last month's spectacular drop amid the coronavirus sell-off. The V bottom and previous top likely created an extremely rare diamond bottom pattern between these two cryptoassets.

BTC and XRP Waiting for Reversals

As the first and third largest coins by market capitalization on the Coinmarketcap rankings, BTC and XRP have had excellent market performances in early 2020, creating a strong uptrend in price, respectively.

The price of BTC surged from $6800 to over $10000, and XRP also rose from below 20 cents to above 34 cents, before the market uproar caused the value of nearly every financial asset to plummet.

BTC fell over 50% in just 24 hours, hitting $4000 at the bottom. XRP also experienced a similar price drop, down to 10 cents per token unit.

Both currencies have since rallied, back to where they were at the start of the year before the financial crisis and pandemic sanctions.

These price movements have caused an extremely rare pattern to form on the USD trading pair between the two assets - BTC and XRP.

See more: Blockchain - "savior" in Corona season

Rare diamond bottom pattern forming on crypto-assets

This type of price phenotype was spotted on the BTCUSD price chart, and XRPUSD is named after a gem with a similar shape.

Diamonds are forever, every girl's best friend, and more - but also the all-or-nothing neutral phenotype of financial assets. This type offers the possibility of an even breakout in both price directions. Regardless of price trend uncertainty, this diamond pattern is often found at price tops or bottoms above a trendline.

During the duration of the diamond bottom pattern, according to typist Thomas Bulkowski, volume is definitely decreasing, while one way price is sloping up slightly. When the Volume Profile indicator moves, the diamond patterns become symmetrical.

This pattern would push the price of BTC to $11700 and XRP to over 37 cents per token if a volume bust occurs, creating a new 2020 high for the altcoin.

This move, which will create a higher bottom and higher high on the long time frame, is a sign of growth for Bitcoin and the crypto market after the BTC Halving, immediately following last month's price drop.

A resurgence is proof that the bear market is over, digital hard-coded scarcity will come into play in a time of inflation caused by quantitative easing and continued money printing aimed at prevent future economic crises. Follow primexbt exchange to update more useful information.