It happened after the world’s biggest digital currency demonstrated a nearly 6% decline during the last 24 hours.
On a Bitcoin chart shared by the trader, which shows a full scale of the current BTC correction, one can see that digital gold has been going down more or less steadily since mid-March, after it had reached an all-time high of $73,750.
Since that historic peak, Bitcoin has by now declined by 26.39%. Sometimes it has been showing small recoveries, but if one zooms out on a chart, one can still see that BTC has been headed downward for more than half a year now. That has not been a steep but rather a prolonged correction for BTC.
Brandt pointed out that “there are two dimensions to drawdowns – price and duration.” It is the duration factor that is being stronger now and, as Peter Brandt notices in his tweet, “Prolonged corrections can cause more emotional damage than can steep corrections.”
The test of its lower boundary for Bitcoin, he said, would be approximately $46,000. The only thing now that can reverse BTC and “get the bull market back on track,” according to Brandt, is “a massive thrust into new ATHs.”
Otherwise, the chartist stated, “Selling is stronger than buying in this pattern.”
Mow expects an “Omega candle” to arrive soon, stating that its emergence “signifies the end of accumulation phase” for BTC.
This article was originally published on U.Today
Source: Cryptocurrency - investing.com
