Bitcoin Breaking Market Structure

cryptomeeks (53)in #bitcoin • 6 years ago (edited)

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What's going on guys!

It's another sad day for crypto HODL'ers as the price of Bitcoin -3.36% continues to get hammered.

I'm pro-crypto, but I'm not one to choose to go against what the market is telling us. If we look closely, we can see a negative resistance holding the price of Bitcoin -2.79% down. It attempted to rise at $12k and $10k and failed at both price points. We are seeing lower highs, which is indicative of a bearish trend . For a while, the market structure was set up with bottoms at about $6500. This meant we were seeing lower highs, but not necessarily lower lows. A "squeeze" if you will. Just a few days ago, we saw Bitcoin -2.79% break through this market structure and head for lower lows. This would play into the narrative of an Elliot wave theory continuing into leg C on the down side.

Next stop is $5500 and from there, about $4250. We are going to see how low this thing goes.

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Disclaimer: I am not a financial advisor. The articles that I write are for educational purposes only. Do your own research and hold yourself accountable for the investments that you choose to make.

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