#BTC Bearish: altcoin follow?

The #Bitcoin is in freefall, falling to 8268.69 usd at the time we are writing the article, even many #Altcoin who are following.

As you can see in image 1, the bitcoin has drawn a double top and then re-starts the descent phase:

Image 1: Tradingview – BTCUSD – 2018-05-12 – Timeframe 1 day – Double top

Look at the prices in the long run seem to move within a triangle, the current top two could then push us to the bottom of the triangle or around 6300 usd, and then re-initiate to rise in a later phase.

The price trend on therefore suggests to divest because losses could continue: the double top pattern indicates a phase of substantial price drop.

At this time also many altcoins seem to follow the bitcoin, such as #EOS which reports a loss in the 24h of 6%, or the # ONT of 8.81%. Attention must also be paid to those that are currently uphill because they could also be influenced by the #BTC.

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