During the last analysis, I was pretty bullish seeing how bitcoin was accumulating at the moment, however, I was incorrect and the movement to the upside was simply a bull trap. Despite one of my possible drawings being correct.
The Chart:
There was accumulation occurring over the green trendline in the form of a symmetrical triangle and with a fake out to the upside and a break downwards, it has broken the longer term trendline seen in green. The price objective of the symmetrical triangle which can be seen in green is ~75.00 which was where there was a significant bounce last time. A weekly close below the green line should confirm its break.
The orange trendline is the descending trendline that acted as resistance during this down turn, through the consolidation, it broke the trendline and this may become support for any bounces that might occur.
Previous Analysis:
The Chart:
There was accumulation occurring over the green trendline in the form of a symmetrical triangle and with a fake out to the upside and a break downwards, it has broken the longer term trendline seen in green. The price objective of the symmetrical triangle which can be seen in green is ~75.00 which was where there was a significant bounce last time. A weekly close below the green line should confirm its break.
The orange trendline is the descending trendline that acted as resistance during this down turn, through the consolidation, it broke the trendline and this may become support for any bounces that might occur.
Previous Analysis:
