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Crypto analyst and BlockTV reporter Joe Saz says he believes Bitcoin is heading for a “violent breakdown” below $10,000.
“We fell off a cliff here, supported by the bottom of this descending triangle [at $10,500]. Again, this is a 15-minute chart. But we’re creating a very, very distinct descending triangle and now riding alongside the bottom of it yet again…
I’m just saying it straight up. I believe this descending triangle is going to be a violent breakdown. We’re probably going to see four figures. We’re jumping beneath $10,000 today if not tomorrow, is my best guess. I don’t typically have a red flag emergency, but it’s looking very bad right now.”
???"We're jumping below $10,000 today if not tomorrow" – @Joe_Saz sees red flags on the horizon and a 'violent drop' in #bitcoin markets approaching. See full report: https://t.co/yAcKPQ4nJp pic.twitter.com/PxHV91ydTB
— BLOCKTV (@BLOCKTVnews) July 1, 2019
Right now, Bitcoin is down 9.35% at $10,244 according to COIN360.
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Ethereum is down 6.14% at $283.32, XRP is down 2.56% at $0.3954 and Litecoin is down 10.56% at $116.18.
CoinDesk’s Omkar Godbole is also seeing a potential drop below $10K as technical analysts try to plot the course ahead.
Bitcoin
CoinDesk – Bitcoin charts hint at price pullback to below $10K
Bitcoinist – BTC falls into 2018 bear market pattern
Ethereum
FXStreet – Recovery above $300 won’t be easy according to current technical picture
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XRP
Blockonomi – XRP price trading near make-or-break levels
Litecoin
Crypto Briefing – LTC consolidating over its supports, but pressure is heavy
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