4 main reasons why its going to be a bear market for the next months purely on technical and fundamental analysis.
1. It can possibly form a cup and handle pattern because of the EMA30 & EMA50 forming a crossover with EMA200.
2.Fibonacci extension says that its going to drop around 32272.94 if we take the recent lower high as 0.618 line.
3. If the "The great blackout" theory happens to occur then it would be one of the worst economic crisis ever ( defeats great recession, great lockdown, housing etc.).
4. In lower TF, BTC fails to surpass the 53k mark and shows multiple doji candlesticks which signalizes a reversal pattern near the SupportBecomeResistance line (SbR).
1. It can possibly form a cup and handle pattern because of the EMA30 & EMA50 forming a crossover with EMA200.
2.Fibonacci extension says that its going to drop around 32272.94 if we take the recent lower high as 0.618 line.
3. If the "The great blackout" theory happens to occur then it would be one of the worst economic crisis ever ( defeats great recession, great lockdown, housing etc.).
4. In lower TF, BTC fails to surpass the 53k mark and shows multiple doji candlesticks which signalizes a reversal pattern near the SupportBecomeResistance line (SbR).