Bitcoin: BTC All Set For Another Downtrend (September 2019)

Bitcoin: BTC All Set For Another Downtrend (September 2019)







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Bitcoin: BTC All Set For Another Downtrend (September 2019)

Bitcoin (BTC) has finally made that move to the upside. Some traders are eyeing further upside from here and it is still possible that the price might rally towards $10,500 from here. However, that would be a very risky bet to make as the risk reward is definitely not worth it. If we take a look at the fractal before the present one, we can see that the price is declining in the same manner as it did before. It has now found support along a key trend line in the same manner. This trend line stands between temporary bullishness and the beginning of a sharp decline that will eventually kick off Bitcoin (BTC)’s next downtrend. The last time it declined below a similar trend line support, we saw a 13% decline. If the same were to happen this time, we would see the price decline to the bottom of the descending triangle.

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