#Bitcoin weekly update:
On the weekly timeframe, BTC is trading just below the 50 EMA resistance, a level that has acted as strong resistance during previous bear market phases.
Right now, many traders and your favourite influencer believe the bottom is already in and that BTC is ready for a straight move toward new all-time highs.
But looking at historical cycles, the structure still doesn’t fully support that idea yet.
In past bear markets, BTC has usually spent around a year in the correction phase before a real trend reversal happened. We still haven’t completed that full cycle duration, which suggests there could still be one more major move lower before the market fully resets.
Another important thing is that during previous bear markets, BTC eventually touched the 350 EMA before starting a true bull market recovery. So far, we haven’t seen that happen in this cycle. The 350 EMA is currently sitting around the 53K–54K region, making it a major area to watch if the market weakens again.
Until BTC reclaims key higher timeframe resistance with strong momentum, this still looks more like a bear market rally than the start of a full bull run.
#Bearmarket
On the weekly timeframe, BTC is trading just below the 50 EMA resistance, a level that has acted as strong resistance during previous bear market phases.
Right now, many traders and your favourite influencer believe the bottom is already in and that BTC is ready for a straight move toward new all-time highs.
But looking at historical cycles, the structure still doesn’t fully support that idea yet.
In past bear markets, BTC has usually spent around a year in the correction phase before a real trend reversal happened. We still haven’t completed that full cycle duration, which suggests there could still be one more major move lower before the market fully resets.
Another important thing is that during previous bear markets, BTC eventually touched the 350 EMA before starting a true bull market recovery. So far, we haven’t seen that happen in this cycle. The 350 EMA is currently sitting around the 53K–54K region, making it a major area to watch if the market weakens again.
Until BTC reclaims key higher timeframe resistance with strong momentum, this still looks more like a bear market rally than the start of a full bull run.
#Bearmarket
Trade active
BTC Update !!Bitcoin is showing weakness after breaking below the key range support around 78.9K. Price is now trading under resistance, while the RSI continues to trend lower, a sign that momentum is fading.
As long as BTC stays below this broken support zone, the structure remains bearish, and further downside looks likely from here.
A move toward lower support levels could happen faster if sellers keep control.
Trade closed: target reached
BTC ’s Daily RSI just broke its 3-month trend, and the bearish rising wedge finally played out.Momentum has been fading while price kept pushing higher, now the RSI breakdown is confirming weakness.
Unless bulls recover with a strong green close today, this could be the start of a bigger pullback.
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Register on weex and trade with me: 👇
weex.com/en/register?vipCode=cryptomojo
Get CRYPTOMOJO premium for free 👉 t.me/CRYPTOMOJO_TA
weex.com/en/register?vipCode=cryptomojo
Get CRYPTOMOJO premium for free 👉 t.me/CRYPTOMOJO_TA
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.