It doesn't look good for the bulls. We're still in a consolidation period, but once we break the blue line, it's a good sign of more downside, and I would be looking to pick up a short. From the looks of things, we may reach the consolidation low before the last bubble, and after that, who knows.
In any case, as long as this bear trend holds, there's no basis for bullish speculation. This consolidation appears to have taken the form of a descending triangle and bears resemblance to other breakdown patterns that yielded a lot of downside. Based purely on zones of strong support, these are the anticipated targets for bitcoin for the foreseeable future.
In any case, as long as this bear trend holds, there's no basis for bullish speculation. This consolidation appears to have taken the form of a descending triangle and bears resemblance to other breakdown patterns that yielded a lot of downside. Based purely on zones of strong support, these are the anticipated targets for bitcoin for the foreseeable future.
