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Is Bitcoin Already Exhausted?

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Bitcoin (BTC)


Market Cap: $130.38B

Circulating Supply: 17.08M BTC

Max Supply: 21M BTC

Volume (24h) $ 4.29B


Bitcoin Price Analysis


Bitcoin has rebounded on the short term, but the upside movement seems completed.  The cryptocurrency is showing some exhaustion signs and could attract the sellers again. The next days could be crucial because a significant decrease will confirm a drop at least to the 6000 psychological level. The major cryptocurrencies have increased a little since last week, but this may be only a temporary rebound before the prices will drop again.


 

If you read my articles and editorials about Bitcoin, you’ll notice that I’ve talked about the importance of the outside sliding parallel line (SL) of the ascending pitchfork. I’ve said that the rate could drop after the retest of the downtrend line and after the failure to make a valid breakout above the third warning line (WL3) and above the SL2.

The sliding line (SL) represented a crucial dynamic support and I’ve mentioned that a valid breakdown will invalidate a potential leg higher and will confirm a further drop. The minor rebound could validate the breakdown if the rate will stay below it and if it will drop again.

Technically, the rate was somehow expected to increase after the valid breakout from the minor down channel, but Bitcoin remains under huge pressure as long as it is trading below the sliding line (SL), the fourth warning line (WL4) and much below the downtrend line.


Conclusion


Bitcoin Price Analysis: You can sell it again if it stays below the SL and below the 7779.0 static resistance with a first downside target at the 150% line of the ascending pitchfork. The Stop Loss could be placed around 7900 level.

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