Bitcoin Descending Triangle: Short & Mid Bearish; LT Bullish

26 juin 2018Bitcoin seems stuck in a descending triangle that peaked in late-December. Many people have been predicting that Bitcoin will recover and will make new highs by the end of the year. However, I believe they are wrong. I believe Bitcoin will continue to fall as institutional traders continue to prey on the optimism of dumb money.

I am short and mid-term bearish. However, I am long-term bullish on Bitcoin. The next major support level will be around $4,000 to $5,000. I expect there to be more bull traps along the way down so watch out for swing trading and short-selling opportunities. Ultimately, I believe Bitcoin will bottom within the $1,000 to $2,000 range sometime in 2019 or 2020.

Good luck trading,

Eddy Yang

27 juin 2018

Commentaire

Video Analysis: youtube.com/watch?v=XpYcloZRizk

2 juil. 2018

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Bitcoin bulls fighting to stay above $6,000; however, I believe this rise is temporary and will end up being a bull trap. I'll keep you guys updated.

17 juil. 2018

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Bitcoin has broken above resistance. I still believe we are in a bear market and I believe this rally will turn out to be a bull trap.

8 août 2018

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Bitcoin is currently selling off with high volume and about to break below $6,000. Bull trap confirmed. Next major support is $5,000.