{"id":374736,"date":"2019-03-15T00:00:53","date_gmt":"2019-03-15T00:00:53","guid":{"rendered":"https:\/\/wncen.com\/?p=374736"},"modified":"2024-06-11T07:37:57","modified_gmt":"2024-06-11T07:37:57","slug":"could-bitcoin-btc-be-mirroring-its-november-2018-pre-crash-price-action","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/could-bitcoin-btc-be-mirroring-its-november-2018-pre-crash-price-action\/","title":{"rendered":"Could Bitcoin (BTC) Be Mirroring Its November 2018 Pre-Crash Price Action?"},"content":{"rendered":"
Over the past couple of weeks Bitcoin has been caught in an incredibly tight trading range between roughly $3,900 and $4,000, with strong resistance existing at the latter price point. Earlier today, BTC saw increased levels of volatility, but it has since stabilized back to the lower-$3,900 region.<\/p>\n
One analyst is now pointing out that Bitcoin\u2019s current price action is looking strikingly similar to that which was seen in early-November just prior to BTC\u2019s price crash<\/a> that sent it from over $6,000 to nearly $3,000.<\/p>\n At the time of writing Bitcoin<\/a> is trading up marginally at its current price level of $3,930 and is up from its daily lows of slightly below $3,900. Earlier today, BTC experienced some slight levels of volatility after it quickly climbed to nearly $4,000 before being swiftly rejected and falling to below $3,900. It has since stabilized back to its current price levels.<\/p>\n Recently, analysts have been pointing out that the cryptocurrency\u2019s recent price action is nearly identical to that seen in early-November of 2018, where BTC traded sideways at roughly $6,400 for an extended period of time before plummeting to lows of $3,200.<\/p>\n Moon Overlord, a popular cryptocurrency analyst, recently pointed this out, concisely stating that the crypto\u2019s current price action is \u201cfeeling very similar [to] before the drop from 6k.\u201d<\/p>\n https:\/\/twitter.com\/MoonOverlord\/status\/23181315<\/p>\n Moon Overlord further asserted his postulation that the crypto is trading in a very similar way to how it was during last November, highlighting the similarities in the two charts.<\/p>\n https:\/\/twitter.com\/MoonOverlord\/status\/51299585<\/p>\n Assuming that it is replicating its previous price action and a further price drop is inevitable, then BTC will likely face increased selling pressure in the very near future.<\/p>\n Other prominent analysts have recently asserted generally bearish views on Bitcoin<\/a>, with would support Moon Overlord\u2019s theory that Bitcoin may be currently gearing up for a large drop similar to that seen in late-2018.<\/p>\nBitcoin Experiences Slight Levels of Volatility Before Stabilizing Above $3,900<\/strong>\u00a0<\/strong><\/h2>\n
Analysts Growing Increasingly Bearish on BTC<\/strong>\u00a0<\/strong><\/h2>\n