Bitcoin had a nice little run, but it appears have lost steam.
The yellow trend line I drew looked a lot cleaner on wisdom for some reason, but I drew an arrow to where it appears to have been broken. The second green arrow points to where the price retested 500 and failed, indicating there is more down to come.
During the last full moon, the price dropped instead of rising, which indicates that the downtrend is quite strong and may last for some time. We are currently 2 days before the next new moon, so the price could drop any time now. It is uncertain what will happen once it reaches those levels, but it does appear fairly certain to at least revisit those levels. Due to the high volume bounce, this may form a double bottom before heading back up. If it does continue lower, however, then God help bitcoin.
The yellow trend line I drew looked a lot cleaner on wisdom for some reason, but I drew an arrow to where it appears to have been broken. The second green arrow points to where the price retested 500 and failed, indicating there is more down to come.
During the last full moon, the price dropped instead of rising, which indicates that the downtrend is quite strong and may last for some time. We are currently 2 days before the next new moon, so the price could drop any time now. It is uncertain what will happen once it reaches those levels, but it does appear fairly certain to at least revisit those levels. Due to the high volume bounce, this may form a double bottom before heading back up. If it does continue lower, however, then God help bitcoin.