Bitcoin’s Price Movement ‘Looks Terrible,’ Claims Analyst

Today, more positive news for the cryptocurrency industry flowed in when the Chinese government announced that it was releasing a series of instructional videos on cryptocurrencies — including specific ones on Bitcoin and Ethereum. This is especially positive since, during the speech by President Xi, no cryptocurrencies were mentioned.

While the Chinese government has announced plans to release its own state-backed cryptocurrency, this might mean that there are plans in store for the existing decentralized cryptocurrencies.

However, this flurry of news has not had a positive impact on the price of Bitcoin — which has been decreasing since October 26.

Cryptocurrency trader @cryptonekoz stated today that Bitcoin “looks terrible” and that a price drop is “inevitable.”

He stated that likely reversal targets are found at $7500 and $6000 — and the drop will take several months to transpire. Let’s look at the price movement closely and see how likely this is.

Bitcoin’s Weekly Outlook

A look at the weekly time-frame reveals several bearish signs.

First, the current rally failed to close above the previous breakdown level at $10,000 on September 23. Instead, it created a long upper wick and is moving downward.

Secondly, the 10- and 20- week moving averages (MA) have made a bearish cross and are offering resistance to the price. This resistance coincides with that provided by the previous breakdown level, increasing its significance.

Bitcoin Weekly Chart

Short-Term

The short-term charts give a similarly bearish outlook.

A descending triangle has developed and a breakdown of the full length of the triangle would blow right through the minor support area at $8600 and reach $8000.

Bitcoin triangle Support…

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