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Will Bitcoin Say Goodbye To 2018 At A Yearly Low?
Since falling off of a cliff at $6,400, BTC has been bouncing between a descending wedge leading to the $3,000 to $2,800 range.
In the case that Bitcoin reaches $2,800, Bitcoin will have lost more than 85 percent from its previous all-time high, officially making 2018 the worst bear market in Bitcoin’s ten-year history. Today is the 363rd day since BTC began its fall last December.
During the last bear market, it took Bitcoin nearly 1,200 days to go from a high of $1,100 in November 2013, down to $191 in early 2015, and return back to its previous high in February of 2017.
While Bitcoin may be on the cusp of finally reaching a bottom in the current market, it may still be quite a long time before BTC is able to retake its $20,000 peak.
The daily chart does not look good for those hoping that BTC will not go any lower than it is already. Bitcoin is likely to remain in the descending wedge to complete the pattern and there is no guarantee that a bounce to the upside will be waiting at the end of the tunnel.
Traders may look to set up long positions at pivotal support levels to try and ride the next wave up but should be very careful in setting stop-losses in the case of more downward movement while also planning where to take profits in the event of a bounce.
Read the entire analysis @ BeInCrypto: beincrypto.com/will-bitcoin-say-goodbye-to-2018-at-a-yearly-low/
In the case that Bitcoin reaches $2,800, Bitcoin will have lost more than 85 percent from its previous all-time high, officially making 2018 the worst bear market in Bitcoin’s ten-year history. Today is the 363rd day since BTC began its fall last December.
During the last bear market, it took Bitcoin nearly 1,200 days to go from a high of $1,100 in November 2013, down to $191 in early 2015, and return back to its previous high in February of 2017.
While Bitcoin may be on the cusp of finally reaching a bottom in the current market, it may still be quite a long time before BTC is able to retake its $20,000 peak.
The daily chart does not look good for those hoping that BTC will not go any lower than it is already. Bitcoin is likely to remain in the descending wedge to complete the pattern and there is no guarantee that a bounce to the upside will be waiting at the end of the tunnel.
Traders may look to set up long positions at pivotal support levels to try and ride the next wave up but should be very careful in setting stop-losses in the case of more downward movement while also planning where to take profits in the event of a bounce.
Read the entire analysis @ BeInCrypto: beincrypto.com/will-bitcoin-say-goodbye-to-2018-at-a-yearly-low/
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