Since Thursday, November 21, 2019, Bitcoin’s price has dropped around 15% down to around $6,900 to $7,000. The regional short-term low was achieved early on Monday with the number one cryptocurrency testing the $6,500 waters.
Will Bitcoin recover and regain the $7,000 and beyond, in the upcoming week? Not that likely if we zoom out and check the daily chart.
Stock market & cryptocurrency ‘gambler’ Andrew Rennhack posted early on Monday, November 25, 2019, a Bitcoin daily price chart that indeed doesn’t look that great.
The daily chart shows a struggling asset that continues to make lower highs & lower lows since late June – early July 2019. A breakdown on the downside below $6,000 could actually bring even more selling pressure as the next support is around $3,000 to $4,000.
Bitcoin’s Parabolic Uptrend Still Stands
If we zoom out even more and look at the bigger picture, in fact, we might see a clear buy sign, as Partner Adamant Capital founder Tuur Demeester points out in one of his Tweets over the weekend.
The parabolic line is still viable; in fact, it is the first time the support line has been touched since March 2019. And we all know what happened after that point when Bitcoin skyrocketed to almost $14,000 in a matter of just three months.
Will we see similar gains this time around?
What do you think? Where does Bitcoin go from here? Higher or lower? Let us know your take in the comment section below!
Image courtesy of Coinigy.