Bitcoin ( BTC ) Showing Weakness Based On Historical Trends

21. Sept. 2019

If we take a look at the Bitcoin chart right now, we are seeing some downward pressures after a somewhat "consolidation phase" it was going through as of recent. If we take a look at some key support zones, bitcoin is making a stronger argument for a 9,000 test based on some historic price movements. On this chart we applied the 100 day moving average which adds additional support to our theory. Historically speaking, Bitcoin has seen decent downward movements after rejecting below the 100 day moving average. We can see that Bitcoin recently dipped below the 100 day moving average for the first time in quite some time. Bitcoin network momentum continues to slow down. In our most recent market analysis at Visionary Financial ( VF on Twitter - 13K+ community) , we explained how Bitcoin network momentum is down -28.8% YTD as of a couple weeks ago. We could see a strong bounce off $9,000 levels, but as of now BTC is showing bearish indicators in our opinion.