Bitcoin: BTC Correction Over For Now? (November 2019)
- 4 years ago
Bitcoin: BTC Correction Over For Now? (November 2019)
Bitcoin has inflicted some serious pain on the bulls in the past few weeks. Since last Friday, 547.5 million shorts have now been liquidated and a lot more might yet be liquidated. The bulls have been drawing trend lines on their charts hoping for the price to rally at every point but it is a very dangerous game to be hoping and wishing in this market. We have now seen that the recent correction has almost come to completion. The BTC/USD chart shows that the price has declined down to the 61.8% fib extension level. It would be very surprising for the price to decline straight away from this level in the days ahead without some sort of a bullish reversal short term.
Bitcoin has inflicted some serious pain on the bulls in the past few weeks. Since last Friday, 547.5 million shorts have now been liquidated and a lot more might yet be liquidated. The bulls have been drawing trend lines on their charts hoping for the price to rally at every point but it is a very dangerous game to be hoping and wishing in this market. We have now seen that the recent correction has almost come to completion. The BTC/USD chart shows that the price has declined down to the 61.8% fib extension level. It would be very surprising for the price to decline straight away from this level in the days ahead without some sort of a bullish reversal short term.