Bitcoin: How Low Can Bitcoin Fall From Here? (November 2019)
- 5 years ago
Bitcoin: How Low Can Bitcoin Fall From Here? (November 2019)
Bitcoin has seen a change in outlook near term after our last analysis. The bulls failed to rescue the price as it kept on declining until it finally broke below a key support level. This has now increased the probability of further downside. We have seen previously that sharp declines have been followed by quick recovery when BTC/USD intended to rally higher. However, whenever a sharp decline was not followed by a quick recovery, we have often seen that the move is not complete and further downside is expected.
Bitcoin has seen a change in outlook near term after our last analysis. The bulls failed to rescue the price as it kept on declining until it finally broke below a key support level. This has now increased the probability of further downside. We have seen previously that sharp declines have been followed by quick recovery when BTC/USD intended to rally higher. However, whenever a sharp decline was not followed by a quick recovery, we have often seen that the move is not complete and further downside is expected.