Failed Bull Breakout Leaves Bitcoin Eyeing Drop to $8K And Below!

cryptofy (50)in #bull • 6 years ago

Bitcoin's failing on bull move has left the doors to unbolt for the bears to have a comeback.

The inverse head & shoulders breakout on May 20 signaled a temporary bullish turnaround that could have witnessed bitcoin rise to $9,000 (goal according to the measured height mechanism).

failed-bull-breakout-leaves-bitcoin-eyeing-drop-to-8k.png

Nevertheless, the bulls ran out of steam at a high of $8,644 three days ago and prices had dropped back to $8,240 after one day; a drop of 2.8 percent in the last 24 hours, as per the Bitfinex.

The refuse did not come as a shock, although, given the breakout lacked volume support, and a plunge to $8,000 and below could currently be on the cards.

[Video] Failed Bull Breakout Leaves Bitcoin Eyeing Drop to $8K