Death by a thousand cuts
series of lower highs in bitcoin over the past three weeks is a worrying sign. We also see it in slow motion on the hourly charts as it drops to $ 31,500.
At some point, that steady stream of bears leads bulls to throw in the towel, and as we’ve seen so many times in cryptocurrencies, losses can accelerate quickly.
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So far this looks like a classic consolidation scheme before another leg down.
One thing bulls can take comfort in is that every technical analyst in the world sees the same thing. At the same time, bitcoin has been behaving almost like a textbook on the charts for a long time.
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