BITCOIN Remains Trapped In Bearish Consolidation
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Sep 24 2018
Bitcoin is trading bearish for the whole 2018 year and seems like it can stay under pressure till the end of 2018.BTCUSD, Daily
As you know, an ending diagonal is one option as Grega highlighted it in video analysis (click here) and what we currently also see is a bearish triangle in progress, which is a continuation pattern, so another leg to the downside can be coming which Grega highlighted it as well in his outlook. We don't actually believe that BTC will turn up until we see a break into new lows first.
We are sharing an interesting chart below, which has many evidences of a bearish continuation. Firstly, as we said its a bearish triangle in progress due to repeated three leg structures within a sideways range, so trend remains down since we havent seen any five wave bounce from the lows. Another evidence is a potential H&S pattern, which also suggest more weakness once/if we see a broken neckline. There are also many strong trendlines that can act as resistance here around 7k. So as long market is trading below 8500 region, we have to remain bearish.
Ideally we will see a continuation down soon, possibly towards projected 5k-4k area, maybe even a bottom in that zone early in 2019. However, for now we have to keep an eye on potential break below 6100 as this would be confirmation for more weakness.
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