Throwback after Chinese Xi Jin Ping announcement about using the blockchain technology and some of the countries. The bitcoin starts to pump at 0ct. 25 with a price of 7.5k to a peak of $10,300 or $10,400k. After a short amount of time. There's no good news and big momentum about Bitcoin.
Bitcoin price continues to fall and reach the lowest price of $6.4k on Nov. 25, 2019, and that's a total of 1 month and 19hrs. If you check the graph we encounter double head and shoulders reversal pattern with ranging 4 days from Nov. 22 to 27 and from Nov. 6 to 9 (I use Ellipse tools). If there's no momentum and there are no whales coming and lack of positive news mostly biassed media spreading bad news. You can check the volume of BTC for proof on CMC or Coingecko. it will continue to fall with the resistance of $7k. ( I use rectangle and ellipse tools).
Bitcoin price failed to break the target of $7.8k to $8k, On the chart, he tried 3 times but still neglected.
That red finger crossed will be the first support, the $7k the 2nd support is $6.8k and the Bottom would be the $6.5k from the previous price as of November.
You can check it here:
Question? Do you think BTC will reach the support no. 3? or BTC will reach the 7.5k again? Please let me know your thoughts or comments on this.
Remember TECHNICAL ANALYSIS is all about probabilities and based on previous market performance(not all about certainty)
Disclaimer: This is for educational purposes,it is not intended as a financial advice.
The analyst won't be responsible for a loss of funds. The trader must be able to manage risk.
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Bitcoin is a cryptocurrency, a form of electronic cash. It is a decentralized digital currency without a central bank or single administrator that can be sent from user-to-user on the peer-to-peer bitcoin network without the need for intermediaries.