BTC Price Experiencing Pre-Reversal Period In 2019
Losing support at $30,000 marked a bearish turning point which was greatly underestimated by analysts and investors. In addition to putting an end to the bullish technical outlook that had propelled the price of Bitcoin to $32,000 in June, the breakdown confirmed a critical rising wedge pattern. advertisement BTC Price Downtrend Far From Over The persistent downtrend in July, August, and currently September is just but a continuation of the rising wedge breakout, with a 36.63% target to $18,940. BTC price has already completed approximately 10% of the drop with 26% likely to follow. Based on the weekly chart, the 200-week Exponential Moving Average (EMA) (purple) at $25,586 holds as the most important support, which bulls must strive to defend at all costs. Bitcoin sits below the 50-week EMA (red) and the 100-week EMA (blue) – a sign that bears have the upper hand. BTC/USD weekly chart | Tradingview The Relative Strength Index (RSI) has upheld...