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Bitcoin: Commodities Slump Paints A Gloomy Outlook For BTC (January 2020)
Bitcoin’s recent rally has come to a slow down after it climbed above $8.8k and ran into a key resistance zone. This resistance level coincides with the previously broken market structure which is why the price will have a very hard time breaking past it. Although many still await a retest of $9k and the 200-day moving average, it is pertinent to note that it didn’t happen the last time BTC/USD was in a similar situation. So, there is no certainties that it will actually end up happening by all means. We might very well see a downtrend begin before that happens. Speaking of downtrend, the rising wedge has to be broken sooner or later. The recent pump in BTC/USD has merely stalled the inevitable.
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