Bitcoin Long-Term Weekly Chart.
Last November, we highlighted a cup and handle bullish pattern on that served as a base for a big rally. All together, Bitcoin rallied from roughly $4,000 last March to $64,000 this April! Wowsers!
But since peaking in April, Bitcoin has fallen more than 50% to roughly $29,000. Cryptocurrency trading isn’t for the faint of heart.
This brings us to today’s long-term “weekly” chart of Bitcoin and the potential for a topping pattern that could lead the cryptocurrency lower yet.
As you can see on today’s chart, Bitcoin has been in a long-term rising bullish channel marked by each (1).
As well, we have a significant high and low within the channel at each (A). Using applied Fibonacci, we can see that the 29,000 level at (2) is the 161% Fib. This also marks the lows of the recent sharp decline.
As well, a pattern with the rough sketch of a head-and-shoulders top has taken shape. I have no idea...read more...