Hello Friends,
Renaissance Macro Research’s head of technical research Jeff deGraaf concluded it may be “game over” for Bitcoin (BTC) in a new analysis, CNBC reports August 9.
CNBC quotes deGraaf as writing that Bitcoin’s “parabolic moves are notoriously dangerous for short-sellers,” adding that a top normally develops with the appearance of a “descending triangle over months, with reduced volatility and little [fanfare],”
Such a situation would become a genuine consideration if BTC/USD broke year-to-date support levels, deGraaf added.
Bitcoin prices have come full circle over the past three weeks to trade around $6,359 by press time, after previously rising as high as $8,450 in late July.
This time last year, Bitcoin traded at around half that figure — $3,400 — as markets began their ascent that brought Bitcoin’s price to around $20,000 in December 2017.
Thank You,