Bitcoin Double Trouble: Bearish Break Out

In my previous Bitcoin post I mentioned that Bitcoin was preparing for a big move, either up or down. It seems that the market has decided that it was finally time for a strong correction downwards, and it could only be the beginning.

Bitcoin is in Double Trouble. In one go it managed to blast though the pennant trend line and the support lines drawn on the chart. The bearish move is accompanied by such force that it could pierce through the strong support located at $30k in a matter of hours.

After the $30k, there's not much to stop Bitcoin from falling further, the next strong support would be located around $28k. It seems that Bitcoin is finally correcting after months of bullish sentiment.

A more positive note would be that after last time's big correction in 2018, the alt-coins mooned, so we might be in for a treat soon.

Happy trading!