BradMatheny

Prepare for a breakdown in Bitcoin

Short
BITFINEX:BTCUSD   Bitcoin
Get ready. I believe the price of Bitcoin will breakdown even further over the next few weeks and possibly attempt to test the $5400 level (or lower) before finding any real support. At this point, any further price decline will rock the crypto community's sense of stability and "belief" in these tokens. There appears to be very little upside opportunity after all the SCAM and FRAUD news recently. The only people that are still overly bullish the cryptos are those that are hoping for another run above $15k.

Traders and Investors don't care if it ever goes back above $15k. All they care about is volatility. And that is what is about to hit the Bitcoin market with downside volatility and an incredible breakdown below the $6k level. Be prepared because this one could hurt is your are a "Crypto-Bull".

Disclaimer

The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.