Bitcoin: BTC All Set To Begin Next Downtrend (October 2019)
- 5 years ago
Bitcoin: BTC All Set To Begin Next Downtrend (October 2019)
Bitcoin (BTC) is ready to begin its next downtrend and we talked about this in our last video analysis that a downtrend from current levels is inevitable. We now see BTC/USD trading within a descending triangle. Historically, we have seen that descending triangles lead to further downside. They may not always break to the downside but they do lead to downside most of the time. In this case, we might see a fake out as we have before but the market is likely to enter a downtrend soon afterwards as there is not much room for further upside. A temporary pump to the upside would be aimed at shaking out retail bears. We have seen this in the past and there is no reason to think it couldn’t happen again.
Bitcoin (BTC) is ready to begin its next downtrend and we talked about this in our last video analysis that a downtrend from current levels is inevitable. We now see BTC/USD trading within a descending triangle. Historically, we have seen that descending triangles lead to further downside. They may not always break to the downside but they do lead to downside most of the time. In this case, we might see a fake out as we have before but the market is likely to enter a downtrend soon afterwards as there is not much room for further upside. A temporary pump to the upside would be aimed at shaking out retail bears. We have seen this in the past and there is no reason to think it couldn’t happen again.