Bitcoin: BTC Might Fall A Lot Harder Than Expected (October 2019)
- 5 years ago
Bitcoin: BTC Might Fall A Lot Harder Than Expected (October 2019)
There is a saying on Wall Street that bulls go up the stairs but bears go out the window. There is a lot of truth to it. If we look at the daily chart for BTC/USD we can see how the price struggled to rise towards the top of the descending channel but it took just one candle to erase the whole move. So, it takes a lot of time to build the confidence needed to help the price rally but it does not take much for the price to crash. We have seen that happen over and over again in the case of Bitcoin (BTC) which is why we now see a strong possibility of the price crashing not only below $8,000 but below $7,000 down to the bottom of the descending channel.
There is a saying on Wall Street that bulls go up the stairs but bears go out the window. There is a lot of truth to it. If we look at the daily chart for BTC/USD we can see how the price struggled to rise towards the top of the descending channel but it took just one candle to erase the whole move. So, it takes a lot of time to build the confidence needed to help the price rally but it does not take much for the price to crash. We have seen that happen over and over again in the case of Bitcoin (BTC) which is why we now see a strong possibility of the price crashing not only below $8,000 but below $7,000 down to the bottom of the descending channel.