Bitcoin Might Have Topped: 10 Year Analysis
Two months ago I made an analysis of Bitcoin's long-term logarithmic chart. In that analysis I wrote that Bitcoin had more room to grow towards the top resistance of the log chart. Take a look at that analysis below:
Today, we saw a huge drop in Bitcoin's price. Not only did BTC drop, but it took the whole market down with it, with some alt-coin wicks seeing a 50% drop in a matter of hours.
Looking at the chart, we were trading near the resistance area for a couple of weeks already. Either we had to break out of this 10 year resistance, or we could see a reversal of trend. Today's drop of nearly 20% might be the catalyst for the start of a new downtrend, which could potentially take months to finish.
Looking at the current state of the market, we can either see a strong reversal (which we've always seen after a strong drop) or we could be slowly bleeding downward. Very interesting will be whether we will see a new alt-coin craze like we saw in 2018, where alt-coins saw triple digit gains in a matter of days, only to drop like a brick after.
Hope for the best, but be prepared for more bearish price action in the coming weeks.
Happy trading!
Today, we saw a huge drop in Bitcoin's price. Not only did BTC drop, but it took the whole market down with it, with some alt-coin wicks seeing a 50% drop in a matter of hours.
Looking at the chart, we were trading near the resistance area for a couple of weeks already. Either we had to break out of this 10 year resistance, or we could see a reversal of trend. Today's drop of nearly 20% might be the catalyst for the start of a new downtrend, which could potentially take months to finish.
Looking at the current state of the market, we can either see a strong reversal (which we've always seen after a strong drop) or we could be slowly bleeding downward. Very interesting will be whether we will see a new alt-coin craze like we saw in 2018, where alt-coins saw triple digit gains in a matter of days, only to drop like a brick after.
Hope for the best, but be prepared for more bearish price action in the coming weeks.
Happy trading!
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