Bitcoin is facing a serious issue; sell your Bitcoin before a major crash occurs. Bitcoin has broken a bearish pattern known as a rising wedge, indicating a potential substantial price drop. On the weekly chart, this pattern break is even more pronounced, suggesting several negative weeks for Bitcoin ahead.
Both RSI and MACD are in oversold territory, indicating an expected Bitcoin rebound. However, this might only result in a short-lived bull pullback before a continued downward trend.
The support zone is at these levels, and once it's breached, which is quite likely, the next support is only around 19700.
DXY has broken its descending trendline, signaling a strong and sustained rise for some time.
The 10-year and 2-year yields are at decades-high levels, strongly suggesting a significant stock market decline. It's important to remember that the bond market is many times larger than the stock market by several dozen factors and even hundreds of times larger than the crypto system. Therefore, it's not realistic to expect Bitcoin to rise while everything else is falling.
For the bulls, the only chance is a strong buying effort to reclaim the rising wedge pattern and resume growth. However, this needs to happen promptly and with substantial volume; otherwise, the bulls could be facing months of agony.
Please note that investing decisions should be based on comprehensive research and analysis. The cryptocurrency market is highly volatile and unpredictable, and multiple factors can influence its direction.
Both RSI and MACD are in oversold territory, indicating an expected Bitcoin rebound. However, this might only result in a short-lived bull pullback before a continued downward trend.
The support zone is at these levels, and once it's breached, which is quite likely, the next support is only around 19700.
DXY has broken its descending trendline, signaling a strong and sustained rise for some time.
The 10-year and 2-year yields are at decades-high levels, strongly suggesting a significant stock market decline. It's important to remember that the bond market is many times larger than the stock market by several dozen factors and even hundreds of times larger than the crypto system. Therefore, it's not realistic to expect Bitcoin to rise while everything else is falling.
For the bulls, the only chance is a strong buying effort to reclaim the rising wedge pattern and resume growth. However, this needs to happen promptly and with substantial volume; otherwise, the bulls could be facing months of agony.
Please note that investing decisions should be based on comprehensive research and analysis. The cryptocurrency market is highly volatile and unpredictable, and multiple factors can influence its direction.
Comment:
Get out of the crypto NOW!
Despite my initial optimism that Bitcoin might experience a minor bounce, it has shown significant weakness. Positive news fails to boost crypto prices, and the recent pump was quickly followed by a sell-off, indicating a troubling trend.
Bitcoin is currently consolidating at a support level. If it breaks this support, which seems likely in conjunction with the stock market this week, we can expect a swift and substantial decline.
The RSI (Relative Strength Index) is no longer in oversold territory and appears poised for a further downturn.
Prepare for a significant drop in the near future.
Despite my initial optimism that Bitcoin might experience a minor bounce, it has shown significant weakness. Positive news fails to boost crypto prices, and the recent pump was quickly followed by a sell-off, indicating a troubling trend.
Bitcoin is currently consolidating at a support level. If it breaks this support, which seems likely in conjunction with the stock market this week, we can expect a swift and substantial decline.
The RSI (Relative Strength Index) is no longer in oversold territory and appears poised for a further downturn.
Prepare for a significant drop in the near future.
Consistency is the key of success....
The market's response has been notably subdued, displaying a lack of even a minor rebound—indicating a concerning level of weakness. It is advisable to exit positions at this juncture.
Following the breach of the rising wedge pattern, Bitcoin did encounter a level of support; however, the anticipated bounce has not materialized. Presently, there is an emerging formation resembling a bearish low base. If this support level is breached, it is anticipated that Bitcoin's value could experience a significant decline, akin to the rapid descent of a rock, until finding support at the subsequent level.
Next level around 20k!
Good luck