Bitcoin due a 25% selloff

Bitcoin due a 25% selloff

Bitcoin / U.S. dollar BITSTAMP:BTCUSD


I heard a couple of my friends saying they’ve just invested thousands into bitcoin and I know they have no knowledge about trading and are just buying the highs which is a big no no. I decided to do some analysis on BITCOIN after hearing about this and as suspected BITCOIN is due a big sell off. BITCOIN has just recently reached 41000 which is an all time high before a slight move down and now slowly approaching the 41000 level again. I am expecting price to break this level to create a daily double top where buyers will then get caught on the wrong side of the market. Price is already forming an ascending channel which as we know is a larger form of a bear flag (reversals). I am forecasting price to impulsively sell after the break of the double top zone, then form a tight bearish correction flag. If we do get this type of price movement I will 100% be selling on the break of the flag with a 90% chance of price reaching the bottom of the ascending channel (30000). A 40000 to 30000 move is a 25% sell off which cannot be overlooked.

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