Bitcoin: Is BTC Ready To Crash Again? (December 2019)
- 4 years ago
Bitcoin: Is BTC Ready To Crash Again? (December 2019)
Bitcoin (BTC) declined quite aggressively yesterday as a result of an Ethereum (ETH) led decline. This has now been more than a 4% decline in BTC/USD but a much more aggressive decline in the case of Ethereum (ETH) and other cryptocurrencies. The falling wedge on the 4H chart has now clearly been invalidated and the fact that Bitcoin (BTC) plunged below the $7,000 support zone has now paved the path for a much more aggressive downtrend in the near future. Even though the Fear and Greed Index is now at “extreme fear”, the near-term outlook remains bleak. A quick glance at the COT report for Bitcoin CME Futures shows us how the big players have been shorting the market and reducing their exposure while retail bulls continued to be more bullish since the beginning of the year.
Bitcoin (BTC) declined quite aggressively yesterday as a result of an Ethereum (ETH) led decline. This has now been more than a 4% decline in BTC/USD but a much more aggressive decline in the case of Ethereum (ETH) and other cryptocurrencies. The falling wedge on the 4H chart has now clearly been invalidated and the fact that Bitcoin (BTC) plunged below the $7,000 support zone has now paved the path for a much more aggressive downtrend in the near future. Even though the Fear and Greed Index is now at “extreme fear”, the near-term outlook remains bleak. A quick glance at the COT report for Bitcoin CME Futures shows us how the big players have been shorting the market and reducing their exposure while retail bulls continued to be more bullish since the beginning of the year.