Forget about all the fancy charts! Keep it simple. This is what it all comes down to and they don't want you to see that. They want to keep you busy drawing fancy trend lines and projections now that they have announced to you that the bear market is over. Do you see the replies on Crypto Twitter every time someone talks about a fall to $1,800? People are still way too bullish! It doesn't work like that. Before any trend reversal, the market has to inflict maximum pain. So far, that has not happened.
Every single indicator points to the same conclusion and that is a fall to $1,800. One single pump to the upside and everybody is thinking about the next bull run. The weekly Stochastic RSI has not been this overbought since the beginning of the bear market, not even in January, 2018! Let that sink in for a moment. Now, think about the stock market. The S&P 500 has also been overbought for weeks and investors are reluctant to touch it. The last time the S&P 500 was in a position of a similar decline was in October, 2018. You can see what happened to Bitcoin after October, 2018.
Do not mistake this temporary pump for a trend reversal. You've been warned. If you liked this analysis, please give it a like and follow me for more. Thanks! :)
Every single indicator points to the same conclusion and that is a fall to $1,800. One single pump to the upside and everybody is thinking about the next bull run. The weekly Stochastic RSI has not been this overbought since the beginning of the bear market, not even in January, 2018! Let that sink in for a moment. Now, think about the stock market. The S&P 500 has also been overbought for weeks and investors are reluctant to touch it. The last time the S&P 500 was in a position of a similar decline was in October, 2018. You can see what happened to Bitcoin after October, 2018.
Do not mistake this temporary pump for a trend reversal. You've been warned. If you liked this analysis, please give it a like and follow me for more. Thanks! :)
Comment:
Why I think Bitcoin will continue to go down in the next few months: cryptodaily.co.uk/20...imum-pain-before-qe4
Comment:
It's a wrap. We have a close below 50 Week EMA. Let the sell off begin.