theeverythingbubble

Punxsutawney Bitcoin Sees Its Shadow, Six More Weeks of Winter?

BITSTAMP:BTCUSD   Bitcoin
Here we go again... Bitcoin just closed out the week with another bearish engulfing candle. Given that and the fact that it formed a third top inside of a descending triangle (I don't mean triple top, I just mean three tops inside of the triangle) with an RSI on the way back down to the bottom indicate that we may well be headed to retest 5800. Currently the neck of the inverse head and shoulders seems to be providing some support, but if we breach that we will most likely be headed back down. And, if we breach 5800 then I foresee a very fast selloff potentially all the way down to 3666. Please see my other post with a link below for a more in depth analysis. As always, best of luck!

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.