Bitcoin Update: Due for another correction before bulls take over?
There are two situations I could see Bitcoin undergo in the next week or so.
Bitcoin, after breaking down from the 9329 support line I drew about a week ago, has now started to formed higher lows in an ascending triangle.
In order for this scenario to work, the price needs to eventually break the 10k psychological resistance mark. This also where the 100/200 EMA is located.
Even if the price does get above 10k, 11700 is still the resistance that needs to be breached before we can confirm the bull run for Bitcoin.
The alternate scenario is where Bitcoin breaks below the low at around 8415 we formed after dropping from a high of 11767. If this happens, the price could end up at the lower trendline, at 8000.
This will eventually validate the descending wedge formation. The price will most likely continue to bounce from the lower to the upper trendline, leading the price to hitting lows of the 6000s.
Afterwards, obviously the correction would be over and we will see some type of reversal of the lows.
Conclusion: As of right now I am not biased on one situation vs another. We will see soon though if when the Bitcoin develops some more price action that favors a certain situation.
Disclaimer: (I am not a financial advisor, do your own due diligence when investing in cryptocurrencies. This is just my speculative opinion.)
Very uncertain market at the min! Market manipulation could really be the agenda that causes it to go either way. Although I don't wear a tinfoil hat the Mt. Gox BTC sell off has manipulation written all over it...
Yes I agree, hopefully whales don't drive the price down to 6000. Manipulation could take over and drive it there though...
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It is going to be down