Bitcoin On the Precipice...
As the bear market weathers on, many traders have been wildly speculating on the direction that Bitcoin (BTC) will head in the near future. Technical Analysis reveals that bitcoin has fallen to test the long term support previously held since around August 2015. Volume overall has steadily been decreasing since the run up that began March of 2017, with a steep increase in bearish volume since the beginning of November this year.
Bulls On the Defensive
Bulls had shown resilience defending the $6000.00 range for nearly 6 months, but the bears have been firmly in control of the price action since May, bringing the price down into the $4000 order block on the 18th of November, and tumbling all the way to a new annual low of 3450.00 before weakly bouncing back up near $4400 within 24 hours. The weekly candles show a symmetrical triangle forming at the end of a bearish candle, which generally breaks to the downside.
Smells Like Capitulation?
Given the overall low volume, bearish market sentiment, media FUD, it seems likely that Bitcoin is set to drop lower, but where? Technicals indicate the next order block between $2100-$2800, where some support does show. If the bulls do not come back in with heavy momentum at that point it could have further downside to go.
Hope Remains- Bitcoin has been proclaimed dead before...
What remains to be seen is whether the price action will continue to respect the long term support trend line, or resume it's free fall to the next order block.
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