Bitcoin's bad week could be part of a trend - Bloomberg

|About: Bitcoin USD (BTC-USD)|By:, SA News Editor

Bitcoin (BTC-USD) is having its worst week of the year, and an analysis of price-chart patterns doesn't raise hopes for any sustained rebound as each new high is lower than its last.

The biggest crypto asset by market value fell about 15% this week to ~$10,145 recently, the biggest five-day slide since November, according to Bloomberg. (Since the Bloomberg article, which published at 9:48 AM ET, bitcoin has regained some ground and trading at ~$10,400.)

For bitcoin to break the trend, it would have to rise above its latest high of $12,316 reached on Aug. 6. If it doesn't exceed that level, that's likely to validate the current down channel.

For today, bitcoin is up +1.0%, but most other crypto currencies are falling Ripple (XRP-USD-1.0%, Ethereum (ETH-USD-1.3%, Litecoin (LTC-USD-1.6%.

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