We are seeing Bitcoin's downside increase...

Bitcoin is down nearly 70% from it's December highs... 

It's been a while since I've done a blog post, so I thought I would write up a quick technical analysis of Bitcoin to show you all what I'm seeing from the charts.

THIS IS NOT TRADE ADVICE

1. You will notice is a strongly established trend line from the peaks of $12k, $10k, and $8.5k. This is creating a scenario where Bitcoin is continuously making lower highs, justifying a down trending market. 
2. The next thing you will notice that I've pointed out of this chart is that Bitcoin continually fails to sustain an upward trend above it's moving averages. This is a sign that the bears are still in control.
3. Bitcoin clearly rejected $8500, showing that there is a good amount of resistance at that price level.
4. Bitcoin is nearing it's previous lows quite rapidly around $6,000. The next stop for Bitcoin is $5,000 then $3000. It's could get fairly nasty from here.

This is what I see currently in the crypto market, but lets take a look at what has happened in the past.

During Bitcoin's bearish part of it's previous cycle, it didn't find a bottom for over a year and a half. 

If this is the natural timeline of the Bitcoin cycle, we could see downside until June 2019.

If this concerns you, just remember, you can make profits going long or short. Don't limit yourself to only one direction if you feel that you are capable of doing either on your own. There are always opportunities in the market!

Thanks for Reading!

Disclaimer: I am not a financial advisor. DO NOT PLACE A TRADE BASED OFF OF THIS POST! 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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