Btc bear market, to make new lows

BNC:BLX   Bitcoin Liquid Index
Last time btc was this decisively rejected by the weekly ema ribbon was 2017-18 , we had the top set in almost the same time frame as well. December was the top in 2017 and it wasn’t till around April when there was a retrace up and a rejection from the ribbon. Now in 2022 bear market we are about a month ahead of schedule, setting our peak early November and getting a retrace & ema ribbon rejection in February - March. In 2017 We went on to a long bear market staying under the weekly ema ribbon for over a year from that point. Besides breaking out and having a dead cat due to a short squeeze I don’t see how btc can make a comeback at this point. This last retrace was hardly 20% less than half of the 2018 dead cat bounce. I believe we are headed into a global recession and I’m shifting my focus to the real world since trading will not be as fun, maybe buying some gold and silver too.

Some fundamentals that could change the current outlook;

USA FED sets negative rates, and keeps the markets propped up for longer.

Larger countries adopt btc as a national currency following El Salvador.

New breakthrough is made somewhere in technology giving btc a greater use case beyond speculation.


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