DrGuru

BTC/USD - Descending Triangle: How low will it go?

COINBASE:BTCUSD   Bitcoin / U.S. Dollar
After all the hype at the beginning of this year, price has kept going lower. A very bearish descending triangle is still forming and together with the rejection of BTC ETF (which will not happen any time soon) this could crash hard!

Be aware! Trade carefully and don't risk anything you're not willing to lose! GL all

Comments

Thank you for your chart. Much appreciated. Here is my idea.

+1 Reply
I see that the price is in accumulation, we will soon be growing
+1 Reply
it can also break on the upside as this can play as a wedge
+1 Reply
@liam4, its more likely to break down though. No big fundamental changes in crypto until 2020
Reply
liam4 LijiLe
@LijiLe, as seen previously with breakouts btc does not need fundamental changes
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@liam4, you need to pay attention to the market cycle...
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liam4 LijiLe
@LijiLe, the market cycle of the bear market is set to end.
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@liam4, its probably not end. No big fundamental changes can drive up the valuation of the crypto. It's purely a gambling and speculations so far. Until big fundamental changes, we can see another big bull run. The last bull run is catalyzed by eth and ico.
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@liam4, ETH big fundamental changes will happen in 2020, btc halving happens around that time. We still have more than 70% of eth from ico teams waiting to dump...... No fundamental reasons can drive the valuation up
Reply
liam4 LijiLe
@LijiLe, i am not saying this is definitely the end of the bear market i am saying that from different TA it shows that the market cycle looks like its close to ending.
Reply
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