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by Seth Parker on October 11, 2018

Bitcoin Analysis – On the way towards new lows

Thursday starts with a red colour all over the world. On cryptos, indices, USD and commodities. First analysis will be about the Bitcoin, which is having a nice, technical, sell signal. Not that we did not warn You. This is the most important sentence, from our last piece about this instrument:

„We had no signs of the trend reversal whatsoever. The current target are the long-term lows, slightly below the 6000 USD. Chances that we will get there are very high. „

bitcoin chart

We are on the best way to get there as the BTC is down around 5% today. It all comes from the flag pattern (black lines), which bounced from the long-term down trendline (upper blue). Actually this line can be considered as both: down trendline and upper line of the triangle. Outcome is the same though – a drop. With today’s candle, there should be no discussion. That sets the general consensus as the bearish one and sets the aim on the long-term yellow horizontal support. Price getting there will be a moment of truth for the BTC Hodlers and I tell you…better for the cryptomaniacs that this level will hold!

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