- Bitcoin’s price at the time of writing is $6,770 following a seven percent fall over the past 24 hours.
- This week, the flagship cryptocurrency crashed through its support of $7.4k. This in turn triggered a technical reversal on the daily chart.
Well... it finally happened, the leading cryptocurrency took a tumble down the hill. Well, it was more like a fall off a mountain as Bitcoin’s price at the time of writing is $6,770 following a seven percent fall over the past 24 hours. The momentum that the bitcoin price had made when it was able to make a 2019 high of $13,800 has just been lost, giving way to a rapid downturn.
This week, the flagship cryptocurrency crashed through its support of $7.4k. This, in turn, triggered a technical reversal on the daily chart.
Not many people are going to be happy about this but, the gold bug and bitcoin naysayer finally made a prediction and got it right.
For those of you who can only see the dirt on my screen, here is a clean screenshot of Bitcoin's head-and-shoulders top. The picture really doesn't look any better if your long Bitcoin! pic.twitter.com/hXxCYMvu1R— Peter Schiff (@PeterSchiff) November 21, 2019
As per CCN:
“A head-and-shoulders structure is one of the most reliable reversal patterns in technical analysis. Thus, from a technical perspective, bitcoin is now in a downtrend, and many expect that it would plummet to $6,000.”
Clem Chambers, the CEO of ADFN and Online Blockchain Plc, has predicted that capitulation will strike at $6k. He said:
“Bitcoin is entering a capitulation phase as you can more easily see when you remove the recent dump and bump from the chart.”
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