Bitcoin’s recent movements have given numerous traders hope that this bear market might be over, but there is a reason to believe this might not be the case. With the steep rises which Bitcoin has been engaging in, it is fair to suggest that it will soon be met with a resistance strong enough to cause a full rejection of price, which has been proven with yesterdays dump, but will the price drop even more?
Note that during August, Bitcoin (and other cryptocurrencies) formed an ascending triangle, and while this is generally good activity, the way that September is shaping up suggests that a major fall is about to happen. The positive actions of September are looking like a last minute dash at trying to push Bitcoin into the $8000 range, which sadly, seems unlikely. If resistance toward Bitcoin’s price is strong, it could trigger an ABC correction, leading us into a significant and prolonged fall. Resistance could even be enough to push it down to $5000 or lower, and could therefore temporarily collapse the market.
Sticking directly to the trend line does seem to show a sharp decline is imminent. The historical data reveals that Bitcoin’s current position is extremely similar to its position in 2015, where BTC stuck religiously to its trend line. Bitcoin is also known to stick closer to its trend lines than rivals such as Ethereum, and at the moment the trend lines are not looking good. Bitcoin has always been susceptible to large-scale corrections, less so than most altcoins, but more so than most stocks and other assets.
It is not clear when exactly the correction will take place, but a fair suggestion would be that it could happen within the next seven days.
Note that during August, Bitcoin (and other cryptocurrencies) formed an ascending triangle, and while this is generally good activity, the way that September is shaping up suggests that a major fall is about to happen. The positive actions of September are looking like a last minute dash at trying to push Bitcoin into the $8000 range, which sadly, seems unlikely. If resistance toward Bitcoin’s price is strong, it could trigger an ABC correction, leading us into a significant and prolonged fall. Resistance could even be enough to push it down to $5000 or lower, and could therefore temporarily collapse the market.
Sticking directly to the trend line does seem to show a sharp decline is imminent. The historical data reveals that Bitcoin’s current position is extremely similar to its position in 2015, where BTC stuck religiously to its trend line. Bitcoin is also known to stick closer to its trend lines than rivals such as Ethereum, and at the moment the trend lines are not looking good. Bitcoin has always been susceptible to large-scale corrections, less so than most altcoins, but more so than most stocks and other assets.
It is not clear when exactly the correction will take place, but a fair suggestion would be that it could happen within the next seven days.
You have very good analysis but I'm afraid like we do every day, analysis is only prediction. Right or wrong no one knows but at least we have sign to do something, better for everyone. Until now many people only have psychology ( faith ) that bitcoin will rise again and from there they keep standing. In this situation you should see market reality and cut loss from every activity is better than everyday make analysis. I only follow my strategy and before bitcoin get more lower I can't buy, still waiting.
I agree that every analysis is just a prediction, but with more positive predictions from different people, there is a higher chance that the market goes up. As i said in a reply above two minds are smarter than one, we share our knowledge and our view of the situation in order to have a cleaner view and gather some profits. Every trader trades for himself and has to do his own math in order to make profits.
