Bitcoin has been in downtrend since earlier this year. Noticed how a descending triangle has formed since early 2018 all the way until today. There was a slight of hope at the end of July when it seems that Bitcoin's downtrend was about to end, until a false breakout was formed and it is now heading to another major support level at 6000. Also notice how number of daily traded volume has been reducing day by day, indicating potentially, investor's lost of interest in this cryptocurrency, to name a few. By the looks of it, it would be a herculean task for BTCUSD to regain bullish momentum, as there are plenty of levels it needs to overcome before giving investor another confidence. In my opinion, inevitable bearish run will be continued.
Great sign! Means I get to buy more at a lower price!
alexkostoff
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I think it’s maybe too early to tell what’s happening here. Can go both ways right now. Personally I have little faith in btc, but we still have to see if a bounce from the 61.8 Fib is in play. There is also certain alts in the market that have gone well beyond a 78.6 retracement and look oversold ready for bullish movement. So instead of BTC bringing the market down, I feel the alts could actually bring the market confidence up and that confidence could flow into btc as well. Let’s see!
Nirland
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Agreed, this is clearly not bullish yet next levels to consider are around 3-5k, Like many said back in january.
OpenSource_TA
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Interesting analysis! It is true that no matter how you look at it, BTC's downtrend continues on since our recent high from 8.5k. We've also identified a series of H&S patterns that fit within the repeated cycle. Your opinion and others that agree with you seem to be the most reasonable when looking at the big picture (as you've shown in your post). Check out our chart and see if you find anything interesting.