I also have a bullish analysis, because in a way this drop looks like it could be the bottom, but here I see something new - we have never really had a bear market on the monthly timeframe, only on weekly and lower. On the monthly, BTC has been in a bull run since its inception and it needs to breathe with perhaps one of the craziest bear markets we have seen, if we fall below the 68 month average, which previously defended the price perfectly, we are probably headed for a massive flush down.
Notice that the past time it bounced there it all happened within a month, and now we are going towards the line with much more momentum and from high values, which means there might well be enough pressure to burst through.
Also shown on chart is the bearish divergence on the monthly RSI and the declining volume.
Notice that the past time it bounced there it all happened within a month, and now we are going towards the line with much more momentum and from high values, which means there might well be enough pressure to burst through.
Also shown on chart is the bearish divergence on the monthly RSI and the declining volume.
Comment:
Forgot to mention, also RSI monthly is at 40, so not yet oversold, and it just broke the previous support made from the past bottoms, which means it might well be headed for that 30 and below region to make for the first monthly bear market in crypto history. Everyone will think it's dead, and maybe it would be.
