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Bitcoin Continues to Unravel

13 August 2018 By PDSNET

In December last year we ran an article entitled “The Bitcoin Bubble” and there we suggested that the exponential nature of the Bitcoin price was clearly indicative of a bubble and we advised that if you owned them you should sell and if you didn’t you should stay away from them. We published a further article in May showing how the price of Bitcoin had halved in the six months that followed  - and pointing out some of the simple technical indications of a declining market. It is now interesting to revisit the chart and study the new indications of its continuing bear trend:

Bitcoin October 2017 to August 2018 - Chart by ShareFriend Pro

What you can see here is the peak that it reached just a few days after our initial article in December last year that was followed by a sharp downtrend. Resistance developed at the $11500 level that was tested a couple of times before the cryptocurrency fell further – and we noted that it made a lower low and a lower high. Since then this has been followed by another lower low and another lower high. This pattern of lower lows and highs is a classical technical indication of a bear trend and we fully expect that over the next weeks and months we will see it fall through its lowest point to establish a new lower low. In response to customer demand, we added the charts of five other cryptocurrencies to our data supply (Etherium, Dash, Litecoin, Monero and Ripple), but all of them are showing more or less the same pattern. There are now estimated to be approximately 3500 cryptocurrencies in the world. And our advice remains the same – get out if you are still holding any of them.

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