Falling for almost a year, Bitcoin (BTC) is currently at -72% from its all-time high. Moreover, the movement of its price is showing more and more bearish signals. Winter is then likely to continue for Bitcoin (BTC) and the crypto market in general.
Breakout of a bearish triangle: target $17,100?
In a tweet, TagadoBTC made an analysis that Bitcoin (BTC) broke a bearish triangle after the FOMC. According to him, it could be that the value of this crypto goes down to $17,100. This is indeed the price target for such a pattern, . However, this bearish scenario will not be valid if the price rises to the $19,900 level. Which would mean the end of winter on Bitcoin (BTC) and the cryptosphere.
In addition, it should be noted that Bitcoin (BTC) has already recently broken a rising wedge on daily. So, the breakout of this triangle down lines up with this daily bearish move, which is targeting around $16,100.
Currently, the price of BTC is still stagnating around the bottom of the three-month-old range. But given the various patterns that are forming on its price, it seems that winter is likely to continue for Bitcoin.
However, we can also see a bullish scenario from this $18,800 support. Indeed, there is a divergence on the daily RSI. So even though Bitcoin continues to fall during this period dubbed the “crypto winter”, hodlers remain positive. For them, a drop means an opportunity topurchase at low price.
Bitcoin (BTC): sellers remain in control to continue the winter
This week was marked by the publication of the two economic news that shake the markets the most: the FOMC and the NFP. Bitcoin which is in a winter period, along with the crypto market, is no exception.
Indeed, the Fed published its key rate yesterday, which rose by 0.75 points. The Bitcoin (BTC) chart translated this into an 8.5% drop. The $18,600 support did not hold, and the crypto king is gradually breaking out of the range between $25,000 and $18,600. So, despite the September 19 “hammer” candle, it looks like the sellers are still in control.
At the moment, investing and considering a bullrun seems like a risky bet. Many parameters indeed show that the long winter will still continue for Bitcoin, and the crypto market.
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