Bitcoin’s price has still been all over the place the past week since last week’s article. There has been quite a big move to the downside for the overall crypto markets. Many are selling due to unknown factors. There could be a million reasons why a person is buying or selling when it comes to investments. At the current time frame of this article, Bitcoin is priced at about $18,865 per coin. Bitcoin is down from the $20-21,000 mark that Bitcoin has been clinging to lately. While some feel the bottom has already happened for Bitcoin, others think this is just the beginning of an even larger crash for Bitcoin.
There has been good news for the crypto realm lately other than the downward movement we have seen recently. This week so far, Russia has decided to adopt crypto usage for international trading, and the new United Kingdom Prime Minister is pro-Bitcoin. These are two HUGE plays for crypto that could end up playing out in Bitcoin’s favor in the future. If you would like to read about Russia getting involved or about the Prime Minister of the U.K. being pro-Bitcoin, check out this link to a technologically advanced crypto company new called New Century Gold (NCG): https://ncgcoin.io. Here you can find FREE crypto news articles and blogs and even learn how to make PASSIVE INCOME with New Century Gold. So if you are afraid of the crypto markets or do not know how to get started in crypto, New Century Gold can help you get started!
Let’s get into some technical analysis of Bitcoin for the current downtrend we are seeing. As we can see in this chart located below, from recent NCG articles, Bitcoin had started a move to the upside after an analyst indicator called Inverse Head and Shoulders played out. Soon after, the price began to stagnate. That was until today; Bitcoin seemed to drop down even further. No, it has NOT dropped below its recent low of $17,000 from a few months ago; but it has made some significant moves on a downward path. Bitcoin has seemed to have found the new low it wants to hang out at for now until the next big move occurs. Many crypto analysts think there will be another big push to the downside while the rest are on the sidelines waiting for the time to buy back in. Sometimes what happens on these fast downtrends is known as fake-outs. This is when the price is pushed in one direction to make it seem to keep going in that direction for quite some time; then, out of nowhere, the price reverts and starts going in the opposite direction very drastically. I have seen this happen time after time again. Overall, this is not financial advice and should only be used at your discretion as a trading tool if needed. I, myself, am anticipating some form of a fake-out and should see the price revert up. But this is crypto and an investment, so ANYTHING can happen.
Lastly, don’t forget to give me a follow-on Twitter (@MattSenn5) for daily fundamental and technical analysis concepts, all generally crypto-related. I have been in the crypto scene for almost eight-plus years, and I will likely be for the rest of my life! But I am here to stay, so let’s chat and create your new digital financial future!
Written by: Matt Senn
