BITCOIN Clearly Suggests More Weakness
Updated
Hello traders!
As you know, we remain bearish on Bitcoin and friends! (Watch Related Ideas)
So, in a quick analysis we want to show you some evidences of a bearish continuation!
On the 1st picture we can see a falling wedge pattern, which means that BTC can be approaching the end of a correction once it hit new lows and completes the pattern.
2nd picture is showing a bearish triangle pattern , which is also a continuation pattern and points lower into new lows.
And, in the 3rd picture we are tracking Bitcoin Volatility Index, where we can clearly see another ending diagonal in progress, so we may see some high volatility , similar as it happened at the beginning of September, so once it hit new lows, be aware of a decline on Bitcoin and friends.
Keep in mind that we are at the beginning of October, so is this just another evidence of a decline soon?!
Good luck and trade well!
As you know, we remain bearish on Bitcoin and friends! (Watch Related Ideas)
So, in a quick analysis we want to show you some evidences of a bearish continuation!
On the 1st picture we can see a falling wedge pattern, which means that BTC can be approaching the end of a correction once it hit new lows and completes the pattern.
2nd picture is showing a bearish triangle pattern , which is also a continuation pattern and points lower into new lows.
And, in the 3rd picture we are tracking Bitcoin Volatility Index, where we can clearly see another ending diagonal in progress, so we may see some high volatility , similar as it happened at the beginning of September, so once it hit new lows, be aware of a decline on Bitcoin and friends.
Keep in mind that we are at the beginning of October, so is this just another evidence of a decline soon?!
Good luck and trade well!
Note
The importance of 61.8% Fibonacci retracement! New leg down soon?Note
Everything under control! More weakness in view!Note
BTC finally broke into new lows as we expected!
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