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BH-加密皇
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Bitcoin continues to weaken, beware of further declines
Bitcoin is currently quoted around 89000. Back in mid-November, we mentioned looking at the chart; Bitcoin has experienced over 400 days of upward trend, and has finally broken below the trend line. We declare the bull market is over.
Looking at this wave of rebound to 98000, we also clearly reminded to exit at 98000_10000, being cautious of a tailing market. Indeed, Bitcoin at the 98000 position, as shown in the chart, is constrained by the double trend lines and the Fibonacci 0.382 position, quickly falling back.
Now looking at this week's weekly chart, the naked candlestick has formed a bearish engulfing pattern, so if tomorrow's closing remains unchanged, be cautious of further declines next week.
Looking at this wave of rebound to 98000, we also clearly reminded to exit at 98000_10000, being cautious of a tailing market. Indeed, Bitcoin at the 98000 position, as shown in the chart, is constrained by the double trend lines and the Fibonacci 0.382 position, quickly falling back.
Now looking at this week's weekly chart, the naked candlestick has formed a bearish engulfing pattern, so if tomorrow's closing remains unchanged, be cautious of further declines next week.
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