Bitcoin Bearish, Very Bearish
Background: With the recent exchange announcement by Bitfinex, Binance, and Bittrex, stating that they will be temporarily NOT taking new users, I theorize that no new money has been added into Bitcoin and we are seeing that fall out now [src]. Recently Binance has slowly been allowing new registrations and Bitfinex stated that they plan on opening registrations as last as January 15 (according to their own sign up page). One could also state that the Fear/Uncertainty/Doubt about China announcing their limiting of Bitcoin miners.
Trading Analysis: If somehow BTC breaks through its current descending triangle and goes above, we could see the MA 50 (green) possibly go sideways, allowing the MA 100 and 200 catch up. I'm quite interested in seeing where it'll land at the end of today. Note the Yellow circle (Dec 22-23) where volume skyrocketed and kept BTC's price horizontal, we need another volume influx and soon! (For what it's worth, I think BTC will go all the way down to 10k, at least)
Let me know in the comments what you think will happen!
Trading Analysis: If somehow BTC breaks through its current descending triangle and goes above, we could see the MA 50 (green) possibly go sideways, allowing the MA 100 and 200 catch up. I'm quite interested in seeing where it'll land at the end of today. Note the Yellow circle (Dec 22-23) where volume skyrocketed and kept BTC's price horizontal, we need another volume influx and soon! (For what it's worth, I think BTC will go all the way down to 10k, at least)
Let me know in the comments what you think will happen!
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