The price of a bitcoin fell on Tuesday, with as many as ten per cent, in a quarter of an hour. However, technical analysts see it as a koersformatie that has the potential to lead to a further decline in the direction of 6.500 euro. I hate to say it, to hear it, but a warned person counts for two, as the saying goes.
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Bearish pennant and concern for the decline in
The price of bitcoin is now back into calmer waters after the crash on Tuesday. But it can also be a calm before the storm mean? Bearish Bulltard of a bearish pennant is spotted in the bitcoin price chart.
A bearish pennant, it is the exact opposite of a bullish pennant. At first, when the stock price hard. After that, it moves in the exchange rate between the two trend lines in this. Eventually it will break bitcoin at the bottom. It is the target of a bearish pennant is the same size as the first one fell.
In this case, it means that the bitcoin price is still up to 6,500 euros to be lowered. And this can be done quickly. The trend lines meet each other, namely: tonight, around at 18:00. You can see in the chart below, again:
The situation is reminiscent of the november 2018
It’s not the first time that the price of bitcoin is in it’s moves. The situation was reminiscent of november in 2018. And even then, the price of bitcoin is enormous. Just as it seemed bitcoin support, but then, the price is still the lower limit.
There is no need to fall out
It’s an annoying scenario, but it is a possibility. If it’s true? That is the question. There is also the possibility that bitcoin is now the support has to be found.
If we use the 200-day Moving Average (MA) value pack, we can see that the situation is in november 2018 and otherwise than it is now. At that time the price of bitcoin is still below the 200-day MA, and it worked, the bitcoin is not at the top of the line, from the take-off.
However, at this time, the 200-day MA, just as a means of support should be. In such a case, the damage is limited to the fall of france.
The are, however, exciting times lie ahead! Not to miss out on the bitcoin exchange rate? In our new koerspagina you’re sitting in the first row:
Check out bitcoin exchange rate