Bitcoin to repeat Oil? Weekly Bullish v Bearish View
The dump of oil to zero proves that any asset can become worthless if demand dries up, but will bitcoin do the same?
Look at this chart and then go look at USOIL, the pattern is remarkably similar, but there is a difference. Where USOIL dumped to zero out of its descending triangle overrunning its target BTC bounced from yearly S1 and is now retesting the break down point.
The problem with descending triangle patterns is they can fit nicely into descending channels which are ultimately bullish. BTC is at a make or break level right now, will it pierce the median line of the channel and go bullish or will it dive towards its descending triangle target as USOIL did and complete a 100% market cycle decline?
looking across the whole of Crypto there are many bearish head and shoulders patterns in play.
In late 2017 Mark Carney (BOE Globalist) said that Bitcoin will go to zero, did he let the cat out of the bag?
Look at this chart and then go look at USOIL, the pattern is remarkably similar, but there is a difference. Where USOIL dumped to zero out of its descending triangle overrunning its target BTC bounced from yearly S1 and is now retesting the break down point.
The problem with descending triangle patterns is they can fit nicely into descending channels which are ultimately bullish. BTC is at a make or break level right now, will it pierce the median line of the channel and go bullish or will it dive towards its descending triangle target as USOIL did and complete a 100% market cycle decline?
looking across the whole of Crypto there are many bearish head and shoulders patterns in play.
In late 2017 Mark Carney (BOE Globalist) said that Bitcoin will go to zero, did he let the cat out of the bag?
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