"Bitcoin" Poised for Third Bigger Decline
Is Bitcoin rally over?
certainly not, but a sharper correction is in the offing and that shall wipe out many accounts. We have already seen the start yesterday and the corrective bounce is to exit long positions. This will be its third decline from the top of 65000 and every decline which we witnessed from the previous top, it has shown us a decline of almost 85%
> In the year 2014 the decline started from the top of 1100, fell 85% to the low of 170
> In the year 2018 the second major fall got initiated from 20000, and fell 85% to form a low at almost 3000, a drop of almost 85%.
> This year the fall got initiated from the high of 65000, trading 40% lower at 38000, and another 45% decline is due towards the target zone of 20000.
The corrective bounce from the support level of 30K is now facing resistance at 42k, and if breaks over then the recovery may extend till 47k where offloading can again be seen, and only a close over 55k shall negate the bearish view.
The chart is on a log scale and each circle has a small yellow box in it which signaled the start of the major decline as triggered the Super Trend indicator which signaled a sell on the weekly chart. This week if we close below 35000, we shall see Super Trend indicator generating a sell trigger on the chart.
#BTCUSD may not fall one way, but there will be bouts of trading activity which shall generate a lot of trading income on both the directions.
certainly not, but a sharper correction is in the offing and that shall wipe out many accounts. We have already seen the start yesterday and the corrective bounce is to exit long positions. This will be its third decline from the top of 65000 and every decline which we witnessed from the previous top, it has shown us a decline of almost 85%
> In the year 2014 the decline started from the top of 1100, fell 85% to the low of 170
> In the year 2018 the second major fall got initiated from 20000, and fell 85% to form a low at almost 3000, a drop of almost 85%.
> This year the fall got initiated from the high of 65000, trading 40% lower at 38000, and another 45% decline is due towards the target zone of 20000.
The corrective bounce from the support level of 30K is now facing resistance at 42k, and if breaks over then the recovery may extend till 47k where offloading can again be seen, and only a close over 55k shall negate the bearish view.
The chart is on a log scale and each circle has a small yellow box in it which signaled the start of the major decline as triggered the Super Trend indicator which signaled a sell on the weekly chart. This week if we close below 35000, we shall see Super Trend indicator generating a sell trigger on the chart.
#BTCUSD may not fall one way, but there will be bouts of trading activity which shall generate a lot of trading income on both the directions.
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