Since the beginning of March, Bitcoin has formed a descending triangle pattern, where each new wave down becomes smaller and takes longer.
Lets have a closer look;
FIRST WAVE: Lasted Four week period 45% Lost
SECOND WAVE: Lasted 50 Days 40% Lost
THIRD WAVE: Still ongoing – foretasted length is 70 Days? 30% Lost
The forecasted length has actually been calculated along with the Fibonacci Time Zone indicator, applied through the high and low of history two waves down. Cycle 3 and 8 indicate at the timeframe regarding the 2nd and 7th of October, which commonly be the end of the current cycle.
If that is the situation, some strong price action to become expected initially of October 2019 . As expected the outcome will not be clear, that is certainly why it is very important watch the Bitcoin price in that period of time. Break on top of the 200 Moving Average happens to be an indication of the trend reversal, but break under the key support at $6k might spark a further decline towards $5-4k area.