Bitcoin: The King drowns, the subject sinks
- BTC ends its long held consolidation to the South.
- Pain still not over for the bulls.
Bitcoin, the King of cryptocurrency world, broke its multi-weeks consolidation zone to the downside in a trend that hasn't changed for good anytime this year - The year that saw prices of cryptocurrencies fall 50-90 percent from their registered all time highs.
BTC/USD is down 0.7 percent on day at $5,473 in a low volume, low volatility trade on the weekend, a relief for the bulls who have been hibernated this week after the price of the poster boy broke its long term trendline support on the daily chart. Also a closer look suggests, BTC hasn't been able to sustain past any of its SMAs convincingly this year - a sign of long term weakness.
Also, as reported by this author last weekend, it was only a matter of time before BTC broke down of this consolidation on the 480-minute chart (Read earlier article here). The trend now remains on the downside with a minimum target around $4,800, breaking another psychologically important mark of $5,000.
BTC/USD daily chart:
BTC/USD 480-minute chart:
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Author
Manoj B Rawal
Independent Analyst
Manoj B Rawal, financial markets professional with about 11 years of experience in writing, editing and advising on stocks, currencies and fixed income.
