Bitcoin: BTC Can Inflict More Pain On Bears (November 2019)
- 4 years ago
Bitcoin: BTC Can Inflict More Pain On Bears (November 2019)
Bitcoin is practically back where it was yesterday before the price plunged below the 200 MA on the 4H time frame. It seems as if the price wants to do the same thing again but I highly doubt it. I think we have now seen that the decline below that level was a trap that got more bears onboard. Many of those bears will be shaken out if the price attempts to break out from here breaking the symmetrical triangle to the upside. The 4H chart for BTC/USD shows the price trading within a falling wedge as well that is likely to be broken sooner or later. It has yet to be seen how much upside that will lead to but it is fair to say that for now there is no reason to be short term bearish.
Bitcoin is practically back where it was yesterday before the price plunged below the 200 MA on the 4H time frame. It seems as if the price wants to do the same thing again but I highly doubt it. I think we have now seen that the decline below that level was a trap that got more bears onboard. Many of those bears will be shaken out if the price attempts to break out from here breaking the symmetrical triangle to the upside. The 4H chart for BTC/USD shows the price trading within a falling wedge as well that is likely to be broken sooner or later. It has yet to be seen how much upside that will lead to but it is fair to say that for now there is no reason to be short term bearish.