Analyst Explains Why Bitcoin Risks Crashing by $2K in “A Few Days”

2020 10 26 13.06.22 980x459

The ongoing Bitcoin price rally risks fizzling out on a notion that the price won’t hold a psychological support level. The $2K-Crash Setup At lower $13Ks, the cryptocurrency awaits a significant sell-off, according to Mark Principato of Green Bridge Investing, an investment consulting firm in New York. The executive director cited a “potentially bearish candle” – having gone a clear upside rejection near $13,363 – to justify his downbeat outlook. He provided further evidence – or fractals – that showed traders reacting to the formation of bearish and bullish pin-bars as of late. This year, Bitcoin painted two bullish candles with downside rejections near $9,800 in September 2020 and $10,500 in October 2020. Bitcoin trade setup, as presented by Marc Principato. Source: BTCUSD on TradingView.com The cryptocurrency generated two long signals and reached its upside targets near $11,600 and $12,300, respectively. Just recently, it also achieved the third target at…

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