Despite bullish sentiment, 9k was rejected and we are now looking at a trend reversal. The 9k high is a natural progression of the 19.5k and 11.5k highs seen in this bear market.
This trend will find itself reaching a new low of 5.3k in Mid May.
This trend will find itself reaching a new low of 5.3k in Mid May.
Comment:
I forgot to mention that the price of BTC moving well under and staying well under the 200 day MA as well as the 50 day MA crossing through the 200 day MA at the end of March brings further confidence that the bear market has not ended.
Comment:
A high of 9.7k was reached in this latest bull run. This was higher than I anticipated, I assume due to very bullish market sentiment. We then saw a bull trap form with a high of 9.3k. Over the next few days we will see the price move down towards 8k.