Has Bitcoin Lost Its Glamour?



With the most popular cryptocurrency having lost more than 80% in a year….what is the future of cryptocurrencies? Was it just a bubble? Will it be forgotten? Will we see a new leader rise and put BTC behind?

Technically we have called for a sharp decline and to avoid long positions since the start of the second wave of the pull back. Here is the link to our post. Technically there are some warning signs for bears but no confirmed major low yet. As long as price is below the previous base of $6000 we should remain conservative.

Bulls need a break above the green area and the downward sloping trend line resistance. Bulls should first focus on recapturing $4300-4400 otherwise they are in danger for a new lower low. And with so many people trapped in this from much higher levels no one knows when and how a capitulation low will occur. Breaking and holding above $4400 will open the way for a retest of the resistance at $5800-6000. This is the most important resistance area. A rejection there would destructive for Bitcoin. It is too soon to talk about what happens at $6000. Let’s first recapture $4400….baby steps.

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