Bitcoin (BTC) has finally started to decline. We have now seen the price embark upon a major downtrend as the price has finally crashed below $9,000. This was a very important level that we have been watching for the past week and it is therefore important to wait for confirmation and see if the price closes or below this level. The 21 Week EMA is going to be an important level to watch to see if BTC/USD can manage to remain above it. If the price closes below it, then the decline is likely to be very brutal. There is a very high probability that the price will continue to decline from here but I don’t expect it to decline straight towards the bottom of the descending channel. There will be phases of rise and fall.
Nov 8, 2019