Hello all. Lets go for another spot on analysis on Bitcoin.
On the 4 hourly chart we can see a formation of a pattern known as "adam and eve". This pattern is already playing out and even had its retest at the support of the pattern right around $19800.
If we extrapolate a measurement from the top of the pattern to the base and shift this measurement to the breakout point, we will get a bearish breakout target at approximately $18,000. If this price is hit it will be another 5.5% drop from the current price.
Another bearish sign is that the price of bitcoin currently trades below the 200 week MA.
Thanks for reading, and stay tuned. Happy 4th of July weekend.
On the 4 hourly chart we can see a formation of a pattern known as "adam and eve". This pattern is already playing out and even had its retest at the support of the pattern right around $19800.
If we extrapolate a measurement from the top of the pattern to the base and shift this measurement to the breakout point, we will get a bearish breakout target at approximately $18,000. If this price is hit it will be another 5.5% drop from the current price.
Another bearish sign is that the price of bitcoin currently trades below the 200 week MA.
Thanks for reading, and stay tuned. Happy 4th of July weekend.