Bitcoin’s Friday Bounce is Lacking

Thus far, the Turkey news hasn’t triggered an aggressive flight to cryptocurrency.  Initially, it did, but Bitcoin remains in the same steep downtrend that commenced in late July.  The risk remains for a bearish Head & Shoulders to develop atop the 6,000 level.

A quick visit back to the 2018 lows could put a lot of pressure on longs who have continued to deploy capital near support, but have yet to be rewarded.  In other words, would-be buyers may not be as eager to set up yet again if they continue to see rallies get weaker.