theeverythingbubble

BITCOIN Bulls Have Another Problem!

BITSTAMP:BTCUSD   Bitcoin
Hi Friends! What an epic end of the week for BTC, as the bulls failed to prevent Bitcoin from printing yet another weekly bearish engulfing candle on many exchanges. We've seen several of these during this bear market, and as you can see the following weeks aren't pretty as far as performance goes. Looking at the chart, it looks like we could have anywhere from 4-7 weeks of downward pressure from here with a 40%+ drop in price. Yes, I know, it sounds crazy doesn't it? But this is what has happened in the past. When you zoom out a bit, and really analyze price action, it becomes clear that this past week was pretty weak. Sorry, no pun intended :) However, this matches up well with my other analysis which shows that there isn't much support until we get to a much lower value. When I say Bitcoin bulls, I mean those who think we have reached a bottom and are going to moon from here. I don't think we're at the bottom... just yet. We will reach the bottom eventually, and I am a long term bull but I wouldn't go all in yet. Thanks for viewing, if you liked this analysis, please give me a thumbs up... and as always, I wish you all the best!

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