In 4H chart Bitcoin is following currently a falling wedge pattern.
The yellow line is the major support line, I hope it wont break that and it would retrace and start an uptrend soon. Fingers crossed though!
Reasons for BTC downtrend could be?
1. Chinese NEW Year
2. Facebook banning all the ICOs and Bitcoin ads (Though it wont have larger impact but it is creating lot of FUD right now)
3. Tether (USDT) being scrutinizied by US regulators
The yellow line is the major support line, I hope it wont break that and it would retrace and start an uptrend soon. Fingers crossed though!
Reasons for BTC downtrend could be?
1. Chinese NEW Year
2. Facebook banning all the ICOs and Bitcoin ads (Though it wont have larger impact but it is creating lot of FUD right now)
3. Tether (USDT) being scrutinizied by US regulators
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Bitcoin 4H Chart
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