BTC Bear Market
Unfortunately, the price of Bitcoin is down nearly 11% over the course of the past week , and is currently trading around $6430. 24h volume is hovering around USD 4.1 billion . Volume in the last week has been pretty high with 24 hour volumes touching USD 6+ billion which we believe could be caused by the drastic sell-off in the last week.
Analysis seems that to show that whales allowed for $BTC to slowly creep towards the 2018 diagonal downtrend resistance at $7400-7500, before moving head first into massive short positions . These positions have turned out to massively profitable .
At this point, The bloodshed doesnt seemed to have ended yet . Itss seems that $5740 low for 2018 will be broken in the coming days, and fall further to a target of $4800-5200 before we embark on another bull run . With this being the current market sentiment, it would seem easy to bet on net short positions to profit off of the potential continued downturn.
The volatility, as difficult as it may be to stomach, is why we are all here. It was an incredible August in regards to trading and expect that to continue on through the remainder of this bear market.
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it will get worse before it gets better
Definitely. Still see the market bleeding some more
a good post, subscribed to you will read your interesting articles.I hope for reciprocity
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