What Is GoingOn With The Price Of Bitcoin?
What is going on with the price of bitcoin? Ever since the 2018 BTCUSD chart pattern changed from a symmetrical triangle to a flat bottom triangle in the second week of June, price rejections at the top of the triangle are causing faster and more violent selloffs. The trend is bearish.
Here is a chart I posted on Aug. 20th outlining two possible scenarios for BTCUSD, we see price rose to prior resistance, was unable to pass it and a sell off began. Click on the link to read the in depth analysis behind this chart.
https://www.tradingview.com/chart/BTCUSD/u5IfkRO8-Bitcoin-Bearish-Everyone-is-Shorting-Bitcoin/
Since falling from a high that is ~$1,000 lower than the previous high, price is falling with almost identically to the previous selloff. I outlined the similarities, differences and the case for long anticipated $5,000 (and lower?) price range, read more in this post here.
https://www.tradingview.com/chart/BTCUSD/u5IfkRO8-Bitcoin-Bearish-Everyone-is-Shorting-Bitcoin/
Comparisons are done to the 2014–2015 selloff which also had a similar price and oscillator and up. While I am a passionate supporter of the vision of bitcoin, I cannot ignore the short term market structures that I observe. Lastly, none of this financial advice! Be careful!
