Bitcoin (BTC) Technicals Suggest Bearish Drawdown Ahead

Bitcoin (BTC) may just have bounced back from another sell-off, moving from $7,600 to $8,000, but one analyst is still sure that the cryptocurrency market is currently topping.

Analysis group Bravado’s Bitcoin Jack, who seemingly called Bitcoin’s move to $8,000, broke down his thoughts on the matter in a Twitter thread. He notes that Bitcoin recently reached its “FAPFAP” bear market average price level, which Jack claims signals an impending reversal, as he saw similar patterns in gold, the S&P 500, and Bitcoin in its history. What’s more, BTC is currently trading at the monthly and weekly resistances from July 2018, which the leading cryptocurrency was rejected from when it attempted to break out.

Original source
https://ethereumworldnews.com/bitcoin-technicals-suggest-bearish-drawdown/

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