Bitcoin: Testing Major ResistancesteemCreated with Sketch.

in #bitcoin6 years ago

In the past two months, Bitcoin has fallen as low as 65%. Just recently the alternative  currency has gone up 61% from it's low. Many are cheering that this is the start of Bitcoin's next leg up. Though I am hopeful and do have skin in the crypto game, I am not so sure this short positive trend is an "all clear."

If you take a look at this chart, Bitcoin's past 3 peaks have created a downward trend line. This trend line is acting as negative resistance to Bitcoin. The price of Bitcoin has conveniently taken a hard bounce in the opposite direction of the trend line. This is a bearish sign.

One thing to note is that altcoins tend to track with the price of Bitcoin. So if Bitcoin heads lower, expect most other coins to do the same.

If Bitcoin can't break through, it will continue to head lower, creating lower lows.

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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