So, in my humble opinion a number of things are coming together pointing in a downward direction.
- Small movements over the weekend (when crypto is the only tradeable asset type and is usually very volatile) suggest some kind of indecision among traders
- On an hourly timeframe there is a bearish pennant looking a bit similar to the descending triangle we saw before the latest significant drop a couple of days ago
- On a daily timeframe there is a 20 and 50 day moving average crossover on the cards today or tomorrow.
- Looking even more long-term here's a link to an interesting analysis of extended BTC rallies by Bespoke investment group found on Marketwatch: https://www.marketwatch.com/story/bitcoin-bears-are-stalking-crypto-prices-heres-how-low-they-could-go-11619017262?mod=home-page. Here's what's most interesting: "The Bespoke researchers noted that bitcoin tends to see declines, in the one-week, one-month, three-month periods, after upward trends lasting at least 100 days are snapped. Check out this table for exact figures: https://images.mktw.net/im-328064?width=1260&size=2.7586206896551726
Let me know your thoughts and wishing everyone some good trading decisions! :)
- Small movements over the weekend (when crypto is the only tradeable asset type and is usually very volatile) suggest some kind of indecision among traders
- On an hourly timeframe there is a bearish pennant looking a bit similar to the descending triangle we saw before the latest significant drop a couple of days ago
- On a daily timeframe there is a 20 and 50 day moving average crossover on the cards today or tomorrow.
- Looking even more long-term here's a link to an interesting analysis of extended BTC rallies by Bespoke investment group found on Marketwatch: https://www.marketwatch.com/story/bitcoin-bears-are-stalking-crypto-prices-heres-how-low-they-could-go-11619017262?mod=home-page. Here's what's most interesting: "The Bespoke researchers noted that bitcoin tends to see declines, in the one-week, one-month, three-month periods, after upward trends lasting at least 100 days are snapped. Check out this table for exact figures: https://images.mktw.net/im-328064?width=1260&size=2.7586206896551726
Let me know your thoughts and wishing everyone some good trading decisions! :)