Is Bitcoin Setting Up for Another -30% Crash to $25,000?
Bitcoin's current price action is similar to June price action prior to the -30% crash
Back in June Bitcoin spent weeks being held down by the same remarkably strong upper trendline resistance similar to what we see now in July
Interestingly when price finally managed to break out of the trendline on June 13 it seemed to act as a catalyst for an entire market-wide selloff,,, as if the initial bullish breakout was orchestrated just to free up liquidity for shorts
Price has been trading underneath another upper trendline resistance for the majority of July. Am curious to see how the markets react to the next trendline breakout. If it's anything like last time then we can see another 30% downside to 25k
Back in June Bitcoin spent weeks being held down by the same remarkably strong upper trendline resistance similar to what we see now in July
Interestingly when price finally managed to break out of the trendline on June 13 it seemed to act as a catalyst for an entire market-wide selloff,,, as if the initial bullish breakout was orchestrated just to free up liquidity for shorts
Price has been trading underneath another upper trendline resistance for the majority of July. Am curious to see how the markets react to the next trendline breakout. If it's anything like last time then we can see another 30% downside to 25k
