At long last, Bitcoin (BTC) has settled to consolidate in the short term once again, failing to surmount $9,1000 and has since been stuck in the $8,000s for days on end. With this bout of non-action, which is drastically different than the five weeks of upward momentum that cryptocurrencies have just experienced, analysts have begun to fear the worse. The thing is, for weeks on end, a number of analysts have been expecting for Bitcoin to pull back, citing historical trends and the simple fact that BTC is seemingly heading too high, too fast.
Josh Olszewicz, an analyst at trade publication and data provider Brave New Coin, recently noted that with Monday morning’s price action, which brought BTC under $8,400, the bottom bound of an ascending triangle was lost. This, coupled with the idea that Bitcoin is straying far above a band of its 12-hour Ichimoku Cloud, is a sign that the coming few days could be red.