This week Bitcoin struggled to rise above the four thousand dollars ($4,055) mark and fell below the $4k mark. The token is still struggling against resistance points.
The token’s price broke through the resistance but the breakthrough was very small and the token failed to maintain the position there. The token rose above and had very positive bull outlook but failed to break through into the forty-one hundred dollars ($4100s) and dropped to $3,920 before closing the day at $3,980. The consolidation continued in a bear flag.
Now the pattern shows indication of bear following with sheer downtrends across the next 12 months. The token failed to secure foothold above the $4,200 point and even crushed previous supports to fall near $3,800 mark. The token then rose up to come back to the consolidation zone.
The token continues to refuse to enter the resistance to downtrends although the price is sticking close to the resistance. If the price is unable to break through the resistance the trend is bound to go bearish.
As the token is dumped high buying rates can squeeze the token into another local uptrend support.
The token’s price on a mid-term chart is still very bullish. The token’s price stated showing signs of decay back in January 2018 and continues to date. The price action would either breakthrough and rise now or would fall even further below for at least a year before rising again.
Whether the price of token falls or rises the next week remains to be seen although many crypto enthusiasts suggest a bullish outlook or at least hope for one.