Bitcoin prices have plunged in an aggressive selloff, sending BTCUSD below the $9000 mark for the first time in several months.
I had predicted this move here on InvestingCube close to 8 weeks ago, and weekly updates on Bitcoin prices have shone a light as to what has eventually played out this evening. The Bakkt launch did not gather sufficient buying interest to negate the descending triangle pattern identified on the BTCUSD weekly chart.
BTCUSD is now trading at $8,300, which is the first identified support level below the descending triangle (July 22 high in role reversal).
If renewed selling interest continues to put pressure on Bitcoin prices, we may see BTCUSD pushed even further down to $7,170; the support seen at the 23.6% Fibonacci level (traced from the November 2017 swing high to the December 2018 swing low).
Bullish fundamentals or big whale buy orders around the identified support levels would be needed to force prices upwards. These would have to drive Bitcoin prices far above $12,500 to invalidate the bearish outlook.
The situation is still very dynamic: further updates will be provided tomorrow on this site.Download our latest quarterly market outlookfor our longer-term trade ideas.
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