Bitcoin In DANGER: Price Band ReversalIn this analysis I want to come back to an analysis I made back in March and June this year. I talked about my Logarithmic Price Bands indicator and how it has successfully predicted a BTC top around in the yellow band.
Over two months after the analysis, the price has fallen through the yellow price band again.
It's looking like BTC is losing upward momentum quickly. The final nail to the coffin of the bullish trend would be some sort of -10% or larger drop in a single day. Stocks are also eyeballing a recession risk with the bond yield inversion un-inversing, so it's not far-fetched that BTC can drop 30%-40% from its current value.
The long-term trend is still relatively bullish, but we can't have too many weeks more of this slow bleeding, it's killing momentum and interest, which is bearish.
Ideally, one would start scaling in once the price reached the green area, which is currently located between 18k - 41k. I highly doubt BTC will go below 30k again (looking at the BTC dominance), but you never know.
Bulls have to really start showing some force. Not just a few days of +1% or +2%, but a real >10% break out to stop this 6-month pattern of bleeding.
Share your thoughts!
