According to analyst Willy Woo, Bitcoin is on the brink of another dump

03 Mar, 2019 | Updated: 03 Mar, 2019
by Will Heasman
Opinion
According to analyst Willy Woo, Bitcoin is on the brink of another dump

Notable cryptoanalyst, Willy Woo, has taken to Twitter to relay some slightly less than bullish news.

According to Woo, Bitcoin (BTC) could be on the verge of another dump thanks to a build-up of indecisiveness, exhibited by minimal long and short positions:

Woo also posits that, “the trend is your friend” rhetoric that applies to a stock which has been hit heavily by a bear trend, effectively encouraging traders to wait for a bottom.

Woo also directs to a similar pattern which emerged during the January 2018 double top - a price formation at the end of a bull market typically indicating the start of a downtrend. Woo asserts that “peak indecisiveness” contributed to the bear market following the heights of the 2017/18 bull run

Essentially Woo believes that we’re heading for further dramas.

One user questions Woo’s decision to formulate this theory based on indecisiveness alone:

However, the analyst conversely responded that this metric could actually spell the end of the bear season if proven wrong:

Interestingly, a recent analysis of the BTC price indicates that the bottom is in fact in. According to the 50-week moving average (MA) has dropped below the 100-week MA, which confirms a 'bearish crossover'; something which typically indicates that selling pressure has been exhausted.

Of course, BTC bottoms have been called throughout the bear market, the only real indicator of a true reversal will be time.

Read more: Bitcoin price may have hit bottom, according to this long-term indicator...

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