The majority of 2019 went well for Bitcoin (BTC); Bitcoin price was in uptrend. But after Bitcoin price hit the bear bottom at three-thousand and two hundred dollars ($3200), it went parabolic till it topped out at fourteen thousand dollars ($14000).
After the reversal of the bullish trend, Bitcoin consolidated in a symmetrical triangle for three solid months.
The crypto analysts are of the view that the downtrend is at its peak, and any rebounds in values to higher levels going to be opportunities for profitable short-term entry.
Bitcoin price may go full swing downtrend
Throughout 2019, most of the crypto analysts agreed that Bitcoin price was well on its way towards a new bullish trend, and any drop might bring an opportunity for purchasing or opening a long-term trade position.
A significant drop eventually happened after the BTC was rejected from fourteen-thousand dollars ($14000), and the buyers were not able to sustain the BTC price above ten-thousand dollars ($10,000), thereby, breaking the multi-month long triangle and consequently inducing a bearish reversal.
One of the crypto analysts who is famous for using the Renko candle charting stated that Bitcoin is indeed responsible for causing reversal and is currently in a downtrend, moreover; the dip season has been turned into a window of opportunity for the profits of each bounce.
$BTC Daily Renko. Downtrend in full swing, retested, short any bounce. pic.twitter.com/1GNwh8kuUm
— Cold Blooded Shiller (@ColdBloodShill) October 6, 2019
The Renko candles are utilized by traders and the cryptoanalysts, as they tend to filter out the minor price movements in order to demonstrate the market trends more clearly.
