Will Bitcoin drop soon?
Bitcoin price is trapped in a rising wedge, the boundaries of which are alternately supporting and resistance levels. At the moment, the chart is near the lower border of the wedge, which is also the main resistance at the current moment. In the event of its breakdown, and the price-fixing below it, the chart will begin to descend straight to $9,100.
It is clearly seen that the bulls have been very weak over the last month. They have never been able to reach the upper line of the wedge during this time, which once again, convinces us that our forecast is correct.o
Additionally, there are some more signs that signal a fall, namely, the intersection of two exponential moving averages on the daily timeframe.
Historically, every time the EMA20 crosses the EMA50 line from top to bottom, the Bitcoin price falls and goes into a long downtrend. A similar situation is happening now. The intersection occurred on September 10th, and it is just a matter of time to see a new collapse in Bitcoin quotes.
It is clearly seen that the bulls have been very weak over the last month. They have never been able to reach the upper line of the wedge during this time, which once again, convinces us that our forecast is correct.o
Additionally, there are some more signs that signal a fall, namely, the intersection of two exponential moving averages on the daily timeframe.
Historically, every time the EMA20 crosses the EMA50 line from top to bottom, the Bitcoin price falls and goes into a long downtrend. A similar situation is happening now. The intersection occurred on September 10th, and it is just a matter of time to see a new collapse in Bitcoin quotes.
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