Bitcoin does not look good for the bulls

Published on by Cryptoslate | Published on

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One of the most prominent technical analysts in the crypto community believes that Bitcoin is bound for a downward push.

Eric Thies, a cryptocurrency enthusiast and self-taught analyst, recently stated that Bitcoin is "Done for a while." His remarks come after the MarketGod Trading indicator presented a sell signal on BTC's 1-month chart.

Bitcoin went from trading at a high of $1,160 to a low of $164. This indicator also oversaw the bear market of 2018 presenting a sell signal in January of that year.

Based on its 3-day chart, Bitcoin price action is contained within a descending parallel channel since June 26.

If the selling pressure behind Bitcoin continues to increase, it could plunge to the bottom of the channel once again to look for support.

Thus far, the number of long positions behind Bitcoin surged 25 percent.

Long squeezes are triggered when the price of Bitcoin drops abruptly, inciting further selling.

Like Eric Thies pointed out, Bitcoin does not look good for the bulls at the moment.

Not only the MarketGod Trading indicator presented a sell signal for the first time since 2018, but the Long Positions on Bitfinex are getting to a point where a long squeeze seems imminent.

If Bitcoin can close above $9,800, it will increase odds for an upswing to $15,000.

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