Bitcoin bulls lose 29,500, is the run over?
According to the daily chart below, Bitcoin bears have finally broken prices down from the consolidation box. Notable still is that momentum is already deeply oversold with a major catalyst – in tomorrow’s FOMC meeting, just around the corner.
The conditions are ripe for bears to take the price down to the upward trendline and 200-day MA. Prudent traders holding long from 25k still have a chance to make some profit. That said, I also think the current setup is extremely conducive to producing a"wick out" on the weekly timeframe.
The below-left side is an example of a"wick out" on the weekly timeframe in a publicly traded security, and the Bitcoin weekly chart is on the right. The consolidation patterns are very different, but the principle of the wick out is the same, and I can see it happening on this week’s candle in Bitcoin.Follow J_GidaroDasilva [email protected] www.kitco.com
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