Are We Walking on a Precarious Bitcoin Tightrope? 🤞💸

by

What to CoinDesk

  • Bitcoin’s latest crash has been a cinematic trilogy of failed attempts to scale a certain trendline – cue the ominous thunderclap.
  • Some nerdy charts are pointing gloomier than a teenager at a family gathering.

This is a normal human analysis by CoinDesk’s most inquisitive analyst and Chartered Market Technologist, Mr. Omkar Godbole, who lives in a galaxy far, far away from financial stability.

There’s an old saying in the galaxy: “Once is a glitch, twice is a conspiracy, three times, you’re doomed to ride with the bears.” As Prophesized in the annals of Bitcoin wisdom, Friday’s market turmoil was act three of a three-act drama with Bitcoin failing gloriously above the critical trendline, and a faint whiff of disorder emerges at the unthinkable prospect of tumbling to a less-crowded sub-$100,000 zone.

This fabled trendline, shall now be known simply as “The Curtain of Dismay,” is the battleground where bullish dreams meet their tragic end. Last month, the CoinDesk soothsayers cited this very trendline as evidence of human hubris.

It appears the bulls, exhausted by the ordeal, leave behind a graveyard of long wicks on the July, August, and October candles, the remnants of a once-feared bullish advance.

The MACD histogram, a beloved tool of the clairvoyant chart analysts, radiates less enthusiasm than it did during its winter of discontent. Sliding downwards, it indicates a narrative depreciation akin to a collapsing supernova.

Behold the daily chart below, which paints a landscape bleaker than a sand worm speech without moisture. An expanding channel’s resistance line becomes the Romans to Bitcoin’s last flicker of euphoria.

A torrent of negative MACD signals argue vehemently that the path of least resistance is, seemingly, at odds with the laws of gravity – pointing south. The longer-duration histogram might not have a sense of humor, but it’s incredibly good at muting the nonsensical chatter of trading hours.

The collaborative insights of such technological augurs whisper of impending tests to sub-$100,000 territory. The 200-day EMA mockingly stands at $107,000 to potentially support a descent into the financial twilight.

To reclaim their throne, the bullish legion must surge past $121,800, for only then can they declare victory over lower highs and reverse the terraqueous tides of fate. As our tale closes, Bitcoin wearily languishes around $114,800, ever patient for new chapters.

Read More

2025-10-13 07:40