XBT: Bearish Flag Breakdown
Bitcoin looks to be consolidating into a bearish flag - with most weaker coins falling out of favor and possible new regulation on the horizon this does indeed look like a distributional pattern. Trades off the resistance trend line selling off harder than support buying.
This looks like a bearish flag to me and we are looking for some fundamental catalyst such as a banning of cryptocurrencies by the United States to spark this significant sell off. It is possible what comes out of this is a cleaner crypto space (think 10 year time frame) but in the intermediate term it looks difficult to be bullish. MACD looks to have topped a while ago, and the more recent signal suggests a breakdown is already occurring.
This looks like a bearish flag to me and we are looking for some fundamental catalyst such as a banning of cryptocurrencies by the United States to spark this significant sell off. It is possible what comes out of this is a cleaner crypto space (think 10 year time frame) but in the intermediate term it looks difficult to be bullish. MACD looks to have topped a while ago, and the more recent signal suggests a breakdown is already occurring.
Nota
Bitcoin hit the target - good place to take half off.
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Aviso legal
As informações e publicações não devem ser e não constituem conselhos ou recomendações financeiras, de investimento, de negociação ou de qualquer outro tipo, fornecidas ou endossadas pela TradingView. Leia mais em Termos de uso.