Bitcoin (BTC) Bulls Have Lost Control Of The Price, The Next Downtrend Begins

Bitcoin (BTC) bulls have finally lost control of the price as it just tanked below the 21 Day EMA. If BTC/USD ends up closing the week in around current levels, that will be an extremely bearish signal and we might see the price break the important rising wedge as early as next week and the bears will finally be in control. The Money Flow Index indicator on the weekly chart shows that the price has long been overbought and is now primed for a massive fall to the downside. That being said, those that are trying to short Bitcoin (BTC) at this point need to be careful as the price could see a minor relief rally to the upside for at least some sideways movement at the beginning of next week. 

Even this week, we saw the price go up first at the beginning leading investors…

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