I've identified a bilateral pattern otherwise commonly known as your typical descending triangle. Today Feb 1st, 2018 at approximately 5:30 am it broke the support line from the triangle as you can clearly see. That signals a breakout downward. Now , the questions is where it will try to test next. Well, Ive identified an old trend line that is the purple dash where I believe it will try to test which would put BTC at approximately $8,000
Most of the dumping from BTC is coming from the ASIAN markets primarily china since they are having their annual celebration which takes place in the early weeks of February of every year. After that party is over i see BTC correcting to healthy levels attempting to complete its cycle and gain correction back up in a bullish trending manner.
For now , watch BTC since i definitely see it trending lower and lower. The anticipated rock bottom would potentially be somewhere between $5,200 and $8,000 in that range. As for the alt coins, well I also believe they will take a hit since they piggy back on BTC.
Disclosure: I do not provide financial advice. This is only for educational purpose. Do your own research!
PS: Don't forget to hit the like button if you enjoyed this short update on BTC. Video will be my main method of content distribution.
nice analysis, what i don't get... Why does everyone think the chinese are selling off bitcoin to get fiat for their newyear? Why don't you see this behaviour is other markets?
CryptoBuzzAnalyst
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@mjers, I do see this behavior in many other markets. Its not the 1st time around. Many other people see this behavior in many other markets. Its not anything new. The asian markets are a big part of crypto,, btc specifically. Keep watching BTC.. its still tanking. In my opinion its not over!