when assets consolidate and price action becomes exceptionally
confusing, some crypto analysts will occasionally flip their Bitcoin
price charts inverted in a way to try to remove any preconceived bias
from their technical analysis. Buy Bitcoins in Nigeria blog (BBNB) reports.
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One prominent crypto analyst has been doing exactly that, and Bitcoin’s current price action in inverse appears visually and structurally like the December 2018 bear market bottom, that could claim that the existing price action is really a rally top and a strong drop might be arriving the occasions ahead.
Inverse Bitcoin Price Chart Much like Bear Market Bottom, Drop To Follow?
Bitcoin price currently trading under $10,000 for a passing fancy day that Bakkt launches is confusing crypto investors and traders who have been sure the launch of the Bitcoin futures trading platform would reignite Bitcoin’s bull run and finally take the crypto asset out of its current trading range.
Contributing to the confusion and outright boredom in Bitcoin markets, the first-ever crypto asset has been trading in an increasingly tightening trading range, that’s almost no room left for upside or downside movement with out a breakout of the structure in either direction.
Having less a definite trend direction has caused trading volume to disappear and volatility to attain lows not seen since April 2019 when the existing rally first began, or the December 2018 bear market bottom.
Take the Bitcoin price action and chart from the yearly bottom right before the $1000k candle to over $5k
And compare it to the INVERTED chart for the current market structure and compressed triangle forming
Not identical but fairly similar (which would be bearish) pic.twitter.com/Uw9dXaDzxS
— Josh Rager 📈 (@Josh_Rager) September 23, 2019
If the pattern confirms with a robust downward movement, the 2019 Bitcoin rally might be over, and the crypto asset may fall back to retest former bear market lows to verify them as resistance turned support. Downside targets rest at roughly $8,500, $7,500, and even $6,000 – support that acted therefore throughout a lot of the bear market, before massive drop occurred in November 2018, resulting in the bear market bottom.
It’s generally not very uncommon to see crypto analysts sharing price charts for Bitcoin and altcoins which are upside down. Even the most experienced traders understand that their analysis could possibly be influenced by other analysts or their very own bias toward an asset.
Given the fact even the most bearish crypto analysts in the short-term still expect Bitcoin price to attain a price of $100,000 to $1 million per BTC, it could be problematic for even the most stoic of crypto analysts to eliminate that bias from their technical analysis, which explains why flipping charts ugly may be so effective.
Buy Bitcoins in Nigeria blog (BBNB) since 2014.