Bitcoin: The King drowns, the subject sinks

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  • BTC ends its long held consolidation to the South.
  • Pain still not over for the bulls.

Bitcoin, the King of cryptocurrency world, broke its multi-weeks consolidation zone to the downside in a trend that hasn’t changed for good anytime this year – The year that saw prices of cryptocurrencies fall 50-90 percent from their registered all time highs.

BTC/USD is down 0.7 percent on day at $5,473 in a low volume, low volatility trade on the weekend, a relief for the bulls who have been hibernated this week after the price of the poster boy broke its long term trendline support on the daily chart. Also a closer look suggests, BTC hasn’t been able to sustain past any of its SMAs convincingly this year – a sign of long term weakness.

Also, as reported by this author last weekend, it was only a matter of time before BTC broke down of this consolidation on the 480-minute chart (Read earlier article here). The trend now remains on the  downside with a minimum target around $4,800, breaking another psychologically important mark of $5,000.

BTC/USD daily chart:

BTC/USD 480-minute chart:

 

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