BTC: Latest trends – Part 3

BTC: Latest trends – Part 3
December 04 23:21 2018 Print This Article

I have written a bit about BTC trends recently

Two days ago I discussed where BTC was headed at the time (upwards), while cautioning that I still expected it to drop again.

Yesterday I discussed trends in BTC dominance and how they may change.

Today I am going back to looking at BTC price trends, because a new trend has become obvious since my post two days ago.

BTC: Latest trends – Part 3

The outliers of the previous positive trend have become the fulcrum of the new negative trend. The latest trend and channel now look something like this:

 

We can see how the uptrend swung into the downtrend at the end of November:

This is no cause for alarm and is fully expected. Indeed, as I said in my last BTC price trend post:

It’s important to note that I still expect to see a new 2018 BTC ATL soon! To confirm what I am saying, look at the volume over the last few days. It’s dropping steadily and significantly. That means only one thing, price is going to drop! (Volume is a great predictor of price drop movements before they happen!)

The price did drop and volume is still gradually falling, which means that we can expect this downtrend to continue, perhaps even to accelerate. One can only hope that it will lead to the final capitulation phase (the new 2018 ATL I spoke of above) and that we can get back to business.

To put things into context, here is the larger scale trend (roughly a month in duration):

 

Here is that same trend seen against the performance of the last six months:

BTC price continues to trend lower, in what appears to be a widening channel. To be honest I’m not sure of what this means, I think it may signal increased volatility and the possibility of even greater price movements. I hope so, because that opens the doorway for the final capitulation event and the start of the bull market (perhaps after some sideways movement first – that may or may not happen). This is probably a good time to move to fiat or stablecoins, but I hate fiat and I have too many cryptos to convert them all (most of them are worth so little now that it doesn’t matter much anyway!)

 

Yours in trending crypto
BitBrain

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Bit Brain
Bit Brain

A walking crypto encyclopedia. Honest, Realistic, Opinionated. Futurist, Autodidact, Polymath.

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