Taking a Closer Look at BTC/USD
We actually identified a double top bearish reversal chart pattern in BTC/USD at the beginning of July, and the pair has also broken below the daily Ichimoku cloud.
In my book, Ichimoku Secrets, I explain how this could be a bearish indication. For more on Ichimoku strategy development, don’t forget to grab the PDF version of my book, Ichimoku Secrets.
On top of this, Bitcoin has generally been inversely correlated to the US stock market as many institutional investors have been using it as a hedge. With a potential rate cut by the Fed this week, the US stock could see further gains. Double down on that if the Fed hints on more cuts in 2019.
With that, the combination of technicals and fundamentals point to potential further declines for Bitcoin, to at least $8,792.