Bitcoin medium-term negative outlook based on economic risks
Updated
Bitcoin is a valuable property. In future we need this kind of exchange mediums. So long-term trend still positive but its price is closely related to business cycles. This is for it being as an exchange medium. In trade war situation, more secure commodities like gold are more interesting and exchange medium ones are not.
Technically, below 9575$ and 8850$ strong sell signals. above 1200$ the analysis isn't relevant and positive trend will continue.
Technically, below 9575$ and 8850$ strong sell signals. above 1200$ the analysis isn't relevant and positive trend will continue.
Note
* 12000$Trade active
On Sep 29 broke the red support line, then a pullback toward it and got close on Oct 9.Probable scenario for short term is extended upward move to the yellow line (~ 9500$). Downward move may occur after that.
See the pullback projection chart here:
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