Bitcoin: Bears Have Won

Bitcoin hit the point of failure I’d previously shown—quite perfectly to be honest. At the time of writing, we are managing to hold at support around the $8200-$8300 range. Without a massive influx of buyers, this level will fail. We have re-entered a strong previous downtrend.

Where we go from here is anyone’s guess. As to what happened, there are a couple of ways you can look at it. The first way is shown in the chart above. The second is that it appears we formed a strange looking head and shoulders pattern on the hourly and arguably the 4h charts. The neckline was very high and we easily broke it. Another way to look at it is that we failed to move higher on the last move pictured below. We formed a bearish penant and trended down. MFI is over sold so this will end up being a strong downtrend, but will hopefully reverse later into a strong uptrend.

Lastly some possible “good news”. LTCBTC chart saw a pump today. This is either money moving out of exchanges and into bank accounts or into exchanges preparing for a massive buy up of cheap BTC. We also saw a $STEEM bump. Steem has free/fast transactions. This makes it a great way to send money in and out of exchanges. These could possibly be signs of a planned buy up.

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