Hi friends! Welcome to this update analysis on BITCOIN, as I show you why it's time to come to grips. Today, we're gonna take a look at the daily chart, in order to get a broader prospective on the BTC market. Let's get right to it! The first thing I want to point out on the daily chart, is the trend. After the all time high, BTC entered a bear market downtrend, of lower highs and lower lows. As you can see, we have consistently been printing lower highs. However, BTC has managed to print one higher low. With that said, BTC is now inside of a triangle formation, which is typically a continuation pattern. Since we are in a bear market downtrend, the "continuation" would obviously be to the downside. I've illustrated how this continuation could materialize, with the arrows on the chart. I think that in general, there is a high probability that we will continue to gyrate inside of this triangle into the summer. Then, we're likely to see a breakdown sometime in late June or July. The path from there is questionable, however, it is common for price to return to the apex of a triangle, to test it as support or resistance. For that reason, I think it is likely that BTC could retrace to the triangle apex, after reaching the black trendline around $5,000, assuming that the triangle does break to the downside. From there, it is technically most likely that the apex of the triangle would act as resistance, sending BTC plummeting below the black trendline support, toward the $3,000 level. So, you can see that there is irrefutable technical evidence that suggests a continuation in the bear market.
Now, it's time to come to grips. We're in the midst of a bear market with no apparent end in sight. There is no technical evidence, to suggest that the bear market is over. NONE! Don't be fooled by bear market rallies, into believing that the bear is dead. This market is broken right now, and there's no reason to believe that it's time to buy. The biggest problem with the crypto space, is that it's filled with novice investors who have no idea what they're doing. Buying with the blind belief that a recovery is guaranteed, is a recipe for disaster. This is probably the most speculative market in history, and it's filled with people who believe that a recovery is guaranteed. If you believe that, then you deserve what's coming to you.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
-JD-
Now, it's time to come to grips. We're in the midst of a bear market with no apparent end in sight. There is no technical evidence, to suggest that the bear market is over. NONE! Don't be fooled by bear market rallies, into believing that the bear is dead. This market is broken right now, and there's no reason to believe that it's time to buy. The biggest problem with the crypto space, is that it's filled with novice investors who have no idea what they're doing. Buying with the blind belief that a recovery is guaranteed, is a recipe for disaster. This is probably the most speculative market in history, and it's filled with people who believe that a recovery is guaranteed. If you believe that, then you deserve what's coming to you.
I'm the master of the charts, the professor, the legend, the king, and I go by the name of Magic! Au revoir.
***This information is not a recommendation to buy or sell. It is to be used for educational purposes only.***
-Magic loves you-
-JD-
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