Bitcoin seems stuck in a descending triangle that peaked in late-December. Many people have been predicting that Bitcoin will recover and will make new highs by the end of the year. However, I believe they are wrong. I believe Bitcoin will continue to fall as institutional traders continue to prey on the optimism of dumb money.
I am short and mid-term bearish. However, I am long-term bullish on Bitcoin. The next major support level will be around $4,000 to $5,000. I expect there to be more bull traps along the way down so watch out for swing trading and short-selling opportunities. Ultimately, I believe Bitcoin will bottom within the $1,000 to $2,000 range sometime in 2019 or 2020.
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