Bitcoin continues to suffer, down nearly 20% over the last few sessions, as much of Crypto investors are waiting for an answer to the question of whether the Bitcoin has been manipulated during last year’s rally.
After rising by more than 1400 percent to $19,511 in 2017, and then collapsing to $6,200, investor appetite is reduced by as much as 70 percent. If we consider investment behavior, we will notice that any good news about the bitcoin, tag results in a short-term rise, after which a downgrade, and any bad news, contributes to mass sales. It seems that investors are looking for a reason to close their positions at a higher price, as well as to run away from the tool with a bad sentiment.
Bitcoin technically slices the triangular formation in a downward direction, with gaps between this and the previous week not being filled. This is eloquent about the moods among investors. The interesting thing right now is that if the triangular formation is executed, the projection points to a price lower than $1,000 in the next 22 weeks. Whether this is going to be a fact remains to be seen. Current pricing behavior allows Short entry to any slight adjustment in ascending direction.
Trader Petar Milanov