Bitcoin Short Breakout?
BTC is currently trading in a descending triangle. The long-term support at $6000 USD is being tested yet agian.
Volumes point to further downward pressure and a possible breach through the support level.
While bitcoin remains a valuable, however, contentious asset, the strength of the USD has also played a significant role in price declines
The Fed is expected to continue hiking through 2019, this contractionary monetary policy is likely to create even greater risk-off impetus and continue the unwind of the carry trade which has occured post the financial crisis.
Expect more dollar strength and a shift to less risky assets as disposable income comes under pressure.
Technicals
We've seen a long corrective pattern from the end of the 5th wave in the feb downtrend. Generally this is considered a bearish descending triangle corrective pattern.
Expect the next breakout to be largely decisive with greater likelyhood to the downside.
Volumes point to further downward pressure and a possible breach through the support level.
While bitcoin remains a valuable, however, contentious asset, the strength of the USD has also played a significant role in price declines
The Fed is expected to continue hiking through 2019, this contractionary monetary policy is likely to create even greater risk-off impetus and continue the unwind of the carry trade which has occured post the financial crisis.
Expect more dollar strength and a shift to less risky assets as disposable income comes under pressure.
Technicals
We've seen a long corrective pattern from the end of the 5th wave in the feb downtrend. Generally this is considered a bearish descending triangle corrective pattern.
Expect the next breakout to be largely decisive with greater likelyhood to the downside.
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