Bitcoin\u2019s recent surge up to highs of over $10,800 drastically shifted the overall market sentiment and had led many investors and analysts alike to believe that BTC was highly likely to move past $11,000.<\/p>\n
BTC\u2019s subsequent drop from these levels, however, invalidated this perceived bullishness, and now a prominent analyst is explaining that Bitcoin is currently trading within a bearish descending triangle on a macro time frame, which may mean that another drop is imminent.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down nearly 4% at its current price<\/a> of $10,450, which marks a significant drop from its 24-hour highs of just below $11,000 that were set yesterday.<\/p>\n Yesterday\u2019s rejection marks the second time in the past week that it was rejected<\/a> in the upper-$10,000 region, which may signal that this is an insurmountable resistance level that could send it reeling significantly lower in the near-future.<\/p>\n Chonis Trading, a popular crypto analyst on Twitter, explained in a recent tweet that Bitcoin\u2019s daily close yesterday marked a strong rejection of the upper-$10,000 region, which may spell trouble for it in the near-future.<\/p>\n \u201c$BTC – daily candle closed with a strong rejection of intraday highs…Middle BB held support when tested…FIB retrace currently at 38.2%,\u201d he noted while pointing to the below chart.<\/p><\/blockquote>\n $BTC<\/a> – daily candle closed with a strong rejection of intraday highs…Middle BB held support when tested…FIB retrace currently at 38.2% #bitcoin<\/a> pic.twitter.com\/6Bi4DNw76d<\/a><\/p>\n — BIG Chonis (@BigChonis) September 7, 2019<\/a><\/p><\/blockquote>\n\n