BTC plunge from a weak "top" of 25XXX to current, shedding more than 15% within 5days. Will the bearish trend continue? Can BTCstill serve as a store of value/currency?
Long term view ? Bitcoin is also going down
Signs of Bearish Trend
1. Candlesticks breaking below MA 200 on 19 August, coinciding with the higher than usual trading volume wihin the price range for the last 600 bars (Boxed).
Also, the volume indicator signifies that there isn't much trading between 215XX and 226XX to support the >10% plunge on 19th August
2. Unconvincing uptrend since 20th June.
Although new Higher Highs[HH] have been made, the strength of these Higher Highs are weak.
HH2 did not extend much higher than of HH. Similar with HH3 and HH2.
Retracement of uptrend Line A: >0.786Fib
Retracement of uptrend Line B: >0.786Fib ,almost 1:1
Retracement of uptrend line C: >0.68Fib
3. Difficulties pushing beyond 250XX.
Momentum and Magnitude of Uptrend line D is much weaker than of Uptrend line C.
The supposed Higher High 4 did not extend much above Higher high 3. Failed twice to reach the expected 2575X.
Looks almost similar to a triple top (circled) before falling.
To long Bitcoin, 20000 serve as the last support(Boxed: Area where most traded volume within the last 600 bars). Since the green area is being breached downwards, new Lower Lows will be formed, implementing the next leg/trend down
Long term view ? Bitcoin is also going down
Signs of Bearish Trend
1. Candlesticks breaking below MA 200 on 19 August, coinciding with the higher than usual trading volume wihin the price range for the last 600 bars (Boxed).
Also, the volume indicator signifies that there isn't much trading between 215XX and 226XX to support the >10% plunge on 19th August
2. Unconvincing uptrend since 20th June.
Although new Higher Highs[HH] have been made, the strength of these Higher Highs are weak.
HH2 did not extend much higher than of HH. Similar with HH3 and HH2.
Retracement of uptrend Line A: >0.786Fib
Retracement of uptrend Line B: >0.786Fib ,almost 1:1
Retracement of uptrend line C: >0.68Fib
3. Difficulties pushing beyond 250XX.
Momentum and Magnitude of Uptrend line D is much weaker than of Uptrend line C.
The supposed Higher High 4 did not extend much above Higher high 3. Failed twice to reach the expected 2575X.
Looks almost similar to a triple top (circled) before falling.
To long Bitcoin, 20000 serve as the last support(Boxed: Area where most traded volume within the last 600 bars). Since the green area is being breached downwards, new Lower Lows will be formed, implementing the next leg/trend down
