One Day before Friday 13th, Bitcoin decided to shock the crypto-world.

In just one day, the price of bitcoin fell from 8000$ to 3900$, which is a decrease in price of about 52%.

Because of the Corona-market-crash, we are in an extraordinary situation. At this moment in time, technical analysis doesn’t seem to make sense, because the people are panicking and seem to act crazy. Nevertheless, I am trying to bring the current price-action into perspective in order to calm you down.

In my last articles, I suggested the price of bitcoin to be in a symmetrical triangle, which is a bullish continuation pattern.

But things have changed.

The price action, that took place in the last 48 hours, indicates, that bitcoin is in a mix of a descending triangle and a symmetrical triangle.

On the one hand, we have higher highs and lower lows (which indicates, that bitcoin is in a symmetrical triangle), on the other hand, there seems to be way more selling pressure, than buying pressure.

Conclusion

Time will tell, which of both scenarios is going to play out, the bullish or the bearish. Given the fact, that we just dropped 50% in price it seems to be ironic talking about a bullish pattern, but seen from a long term perspective, bitcoin is still in an uptrend.

What I can say for sure is, that it would be stupid to sell Bitcoin at this prices. We just went down 50%, which indicates, that bitcoin is massively oversold.

In the coming days, I am looking for a bounce back above the 6000$ level, which would confirm my bullish outlook for future price action.

This is no financial advice!

Always do your own research!