It’s no surprise to see Bitcoin pullback after 13 weeks of higher lows. Bitcoin was forming another tightening pattern, this time it broke bearish after we broke the low of $8005. Bears had a good amount of continuation and were able to bring Bitcoin down to $7481.
The daily chart is certainly showing signs of a trend change, we are now currently in a downtrend on the daily chart and bears are trying to form a bear flag. Long term, Bitcoin is still bullish and the weekly trend is still basically intact, the monthly chart can easily form a bull flag, which would be quite ideal for the bulls.
This pullback wasn’t a surprise and a lot of analysts expected it for some time now, the RSI is now at 50 for the first time in 3 months. This move, however, might have been caused by a whale, a redditor found out that someone moved 25k BTC just before the crash, someone selling that amount of Bitcoin could certainly cause a crash and trigger a lot of stop loss orders.
Analysts are still quite optimistic about bitcoin and most of them think this is a healthy move even if it was caused by manipulation.
The daily chart is certainly showing signs of a trend change, we are now currently in a downtrend on the daily chart and bears are trying to form a bear flag. Long term, Bitcoin is still bullish and the weekly trend is still basically intact, the monthly chart can easily form a bull flag, which would be quite ideal for the bulls.
This pullback wasn’t a surprise and a lot of analysts expected it for some time now, the RSI is now at 50 for the first time in 3 months. This move, however, might have been caused by a whale, a redditor found out that someone moved 25k BTC just before the crash, someone selling that amount of Bitcoin could certainly cause a crash and trigger a lot of stop loss orders.
Analysts are still quite optimistic about bitcoin and most of them think this is a healthy move even if it was caused by manipulation.