Categories: Bitcoin Business

Bears in Charge as Bitcoin Price at Risk of November 2018 Style Dump

Click here to view original web page at

Throughout much of 2018, support at $6,000 acted as the absolute Bitcoin price floor, with each time bears pushed the price of the first-ever crypto-asset down to the range, it would reverse and rally – only to stop short of ever setting a new higher high.

But in November, the unthinkable happened and took Bitcoin price down to the deepest depths of the bear market, finally reaching a bottom. Now, one crypto analyst says that they are expecting a “November 2018 style dump” to happen once the symmetrical triangle Bitcoin is currently in breaks down, and panic begins to ensue across the crypto market.

The bear market may long be an afterthought at this point, but that doesn’t mean that bears can’t once again get the best of bulls, who have exhausted most of the buying pressure during Bitcoin’s recent parabolic rally that topped out just before final bear market resistance.

The rejection at $13,800 has caused Bitcoin price to consolidate inside a multi-month symmetrical triangle, that based on current price action is at a very real risk of breaking down and sending the price per BTC plummeting.

According to one prominent crypto analyst, the leading crypto asset by market cap could experience a dump comparative to the November 2018 drop, if the symmetrical triangle that Bitcoin price is locked inside breaks down. Symmetrical triangles are typically continuation patterns but can break in either direction depending on price action and sentiment.

The analyst believes that the triangle will break down, because logic would have suggested that “if bulls were indeed in charge” price “would have broken $12K on August 8, 2019.”

August 8th was the most recent Bitcoin “top” or peak at roughly $12,250. It was again rejected there and rapidly fell back down to below $10,000, where it quickly rebounded to $10,900, before falling back below $10,000 once again.

What Does a November Style BTC Crash Look Like?

After this many trips to the $9,000 range, it’s only a matter of time at this point, according to the analyst, that the first-ever crypto asset will experience a fall similar to what occurred in November 2018.

Related Reading | Bitcoin Could Follow Gold Fractal With 44% Drop to Under $7,000

In November 2018, Bitcoin price fell from seemingly unbreakable support at $6,000 to roughly $3,200 before putting in what most are hopeful was the bear market bottom.

Now, Bitcoin price has once again rallied above $10,000 – an important price point said to spark much FOMO in the market – and a similar drop percentage-wise as the drop in November from $10,000 would take Bitcoin price back down to $5,400, where support at $6,000 that was flipped resistance, back into support, will be testing once again.

Featured image from Shutterstock

Illuminati, Mason, Anonymous I'll never tell. I can tell you this, global power is shifting and those who have the new intelligence are working to acquire this new force. You matter naught except to yourself, therefore prepare for the least expected and make your place in the new world order.

Disqus Comments Loading...
Published by

Recent Posts

Everyone’s Worst Fears About EOS Are Proving True

The Takeaway: EOS is the world’s seventh-largest blockchain by market cap, with a value topping $3 billion since February 2019.… Read More

3 hours ago

Street Artist Makes $12,000 in Bitcoin Donations

A French street artist best known for painting lady liberty leading the yellow vests has stated he has received more… Read More

4 hours ago

Wave Financial Launches World-First Bitcoin Yield Fund: Wave BTC Income & Growth Digital Fund

LOS ANGELES, Sept. 19, 2019 /PRNewswire/ -- Wave Financial LLC (Wave), a leading asset management firm focused on digital assets,… Read More

4 hours ago

Nigerian man returns bitcoins worth $80,000

Keith Mali Chung returned Bitcoins worth $80,000 mistakenly transferred to him. A Nigerian man who found $80,000 dollar's worth of… Read More

4 hours ago

Bitcoin Surrenders Post Fed Rate Cut; Pullback Awaited

Bitcoin slipped below $10,000 on Thursday after the Federal Reserve cut benchmark lending rates by 25 basis points.The BTC/USD instrument… Read More

4 hours ago

Bitcoin Hashrate Hits All-time High as Price Dwindles

The benchmark metric of miners confidence in the Bitcoin network established its all-time high on Thursday.Hashrate, which reflects the processing… Read More

4 hours ago

This website uses cookies. We use these cookies to collect data about your interaction with our website for the purpose of continuously improving your experience with our site. For more information we encourage you to read our privacy policy.

Read More