Bitcoin - Ascending trendline broken, is it time for the big move down?
BTC/USD
The ascending trendline is now broken on the 4-hour time frame, is it time for the big move down that I've talked about for a couple weeks now? Well, we haven't yet managed to close below the last low so right now we're only looking at a possible double bottom. This is not confirmed yet though.
I think we will have some more consolidation and sideway movement, possible a small impulse to the downside to complete a 3-way structure before another possible impulse up. When this is completed there is a big possibility that we will see a big pullback down.
As you know I've already sold off all my Bitcoins for now as I'm waiting for more downside to buy at a lower price. If this will happen now or later is hard to tell since Bitcoin is much harder to analyse than fiat currencies.
Remember that this is not investment advice, just my view and general market comments.
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Kind Regards,
Crank420
i don't think so, it's going to the moon
Well, I don't know if you did read the whole post or just the topic. I think we will see Bitcoin at a much higher price and I think we could see a new move up, but right now we will probably consolidate a bit more. But sooner or later I think we will get a big pullback to collect more buyers at a lower price range, but we'll see what happens.