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Bitcoin (BTC) Fakeout or Trend Reversal?
Bitcoin (BTC) has finally begun its decline after falling back into the descending channel. Earlier it staged a fake out by shooting past the descending channel but it ended up declining back into the channel before the end of the day. Now, it has retraced below the 21 EMA on the 4H chart and is likely to decline further. This fake out that we have seen recently is nothing out of the blue. We have seen such fake outs before at turning point. The most recent one was a fake out to the downside which misled investors into thinking that further downside might follow when it was just a shake out to scare off the bulls before a big move to the downside.
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