Bitcoin: Risks Crash Below Key Structure (November 2019)
- 5 years ago
Bitcoin: Risks Crash Below Key Structure (November 2019)
Bitcoin seems ready to begin its downtrend. The weekly chart for BTC/USD shows the price struggling hard to remain above the 13 Week EMA. However, a decline from here would put the price right next to the 21 Week EMA which would be very hard to find support on because the bearish momentum that builds up would be really hard to contain. Please note that this time it is not about bridging the CME Futures gap as that is out of the equation and already done. Now a decline from here means a real decline and I don’t think the price would stop around the $8,800s like some retail bulls expect it to.
Bitcoin seems ready to begin its downtrend. The weekly chart for BTC/USD shows the price struggling hard to remain above the 13 Week EMA. However, a decline from here would put the price right next to the 21 Week EMA which would be very hard to find support on because the bearish momentum that builds up would be really hard to contain. Please note that this time it is not about bridging the CME Futures gap as that is out of the equation and already done. Now a decline from here means a real decline and I don’t think the price would stop around the $8,800s like some retail bulls expect it to.