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by Seth Parker on October 11th, 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!

By Seth Parker

Seth is a professional trader with over 10 years of experience. He specializes in the technical analysis. His main focus is on the pure Price Action. In his trading, Seth used the trends, supports and resistances and technical formations. Always, the most important thing in his strategy is the money management. Seth reached a proficiency in trading and for the past three years is doing that for a living enjoying the sun and lovely beaches of the Spanish coast.

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