BTC USD Daily Chart Analysis
After hitting all time highs on 12/7 and 12/16 at around $20,000 USD and retracing ~35% , it seems as though the BTC bear trend continues. The last peak was attained on 1/6 at around $17,300 USD , which was a lower high than the previous one. In addition, it appears as though there is a descending triangle forming (lower highs, equal lows) with a strong support at around $12,800 USD. BTC volume remains low, and as new investors flood the cryptosphere, they get exposed to the exponential gains being attained in the altcoin market. As these individuals learn more about how to transfer their BTC, ETH, BCH, and LTC from Coinbase onto exchanges that support a wider variety of altcoins, I assume that they are shifting their monies into these altcoins with the hopes of attaining more promising returns. We will see if BTC holds this descending triangle formation.
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