BTC TO 2K
Let me start out by saying that I am definitely not one who wants to see this but looking at the chart I can see it no other way. I know a lot of people are calling this a pennant but this does not look like a pennant pattern to me at all. This is clearly a descending triangle and it is very bearish. Pennant patterns are similar to flags and generally happen over short periods of time. 1-2 weeks. This pattern has transpired over the past few months starting with a downtrend and will continue for a couple more. Descending triangles are bearish descending continuation patterns. I do believe we have seen another bounce off the 6000-6400 resistance zone and that it will go back up to about 8000-8300k and then come back down but this is something to definitely be aware of as you are making your trades. I think we all need to face the fact that BTC is a dieing technology with no practical real life applications in this world. It is too slow and too costly to send money with. Some say store it like Gold. Store is like gold for what?? Gold has utilization in this world and has been viewed as a precious metal for thousands of years. BTC is a technology that has been surpassed by so many other Alt coins. Now that doesn't mean that Crypto is dead. Crypto and the block chain technology is not going anywhere. I think we are just going to see a lot of the other coins with better utilization in the real work take over. BCC for example is a way better option moving forward than BTC, It is cheaper and way faster. ETH, NEO, XRP, EOS as well as many other have a much better utilization and therefor a better chance moving forward. Just my opinion and what I see. Trade as you wish.
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