Bitcoin: Manipulation May Not Be Over Yet (November 2019)
- 5 years ago
Bitcoin: Manipulation May Not Be Over Yet (November 2019)
Bitcoin has seen some bearish moves in the recent past. The price declined below the 200 day moving average. This is a bearish development but it might take a while for the price to really begin that strong downtrend. We have seen BTC/USD test the top of the descending channel and it is now only a matter of time for it to decline to the bottom of the descending channel. Another possibility is that the price might end up breaking the descending channel to break to the upside and begin a new uptrend but if it was meant to happen, I think we would have seen it by now. One thing that is important to realize is that the price might have declined below the 200 Day MA but it still remains above the 200 Day EMA. As long as it remains above that level, it is risky to be bearish on Bitcoin considering the manipulation that is going on in this market.
Bitcoin has seen some bearish moves in the recent past. The price declined below the 200 day moving average. This is a bearish development but it might take a while for the price to really begin that strong downtrend. We have seen BTC/USD test the top of the descending channel and it is now only a matter of time for it to decline to the bottom of the descending channel. Another possibility is that the price might end up breaking the descending channel to break to the upside and begin a new uptrend but if it was meant to happen, I think we would have seen it by now. One thing that is important to realize is that the price might have declined below the 200 Day MA but it still remains above the 200 Day EMA. As long as it remains above that level, it is risky to be bearish on Bitcoin considering the manipulation that is going on in this market.