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Bitcoin: Beware of Temporary Distractions (October 2019)
Bitcoin (BTC) and Ethereum (ETH) both made big moves in the last 24 hours that led to a massive stop hunt especially on ETH/USD. The charts show that we have a decline in the offing that would be particularly devastating for altcoins. However, before we discuss that let us talk about the big picture. If we zoom out and look at the charts, we can see that nothing has changed. Despite the recent manipulation that shook out many of the retail bears, the bearish setup remains intact. If we look at the BTC/USD chart, we have seen two large descending triangles being invalidated because they were too obvious but the price has now entered an even larger descending triangle.
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