Bitcoin: don’t say we didn’t warn you!

Tomasz Wiśniewski

Chief analyst at Alpari Research & Analysis

Bitcoin was last mentioned here on the 29th of October. Back then, we were locked in a sideways trend and said that a breakout of a certain support should bring us a sell signal. You probably know that we are currently sitting at yearly lows. So guess what? That analysis was spot on!

The new yearly lows are the result of the giant descending triangle pattern. Every single bounce from the horizontal support got smaller and smaller, which was a clear sign of bullish weakness. Buyers eventually surrendered and the price dropped like a rock. That happened on Wednesday. On Thursday, bulls attempted a small pullback, but today we can see how it ended. The sell signal is on and the potential target for this movement is much lower than you can imagine. We are talking here about levels below 3,000 USD.

Negative sentiment will be temporarily cancelled if the price comes back above the yellow area. The chances of that are currently miniscule. As for now, we are testing the pain threshold of all HODLers.

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