BTC / USD is bearish in all time frame. Especially it is below 200 DMA. The only remaining bullish case is the 4 year cycle parabolic line (blue line) which has been tested and will be tested again, if it is break and close below it, it is an official bear market. Chart will be broken and need months/years to heal
Don't expect ALTSEASON when $BTC is below 200 DMA.
Bearish case:
- Break and close below support and parabolic line
- There will be no V-Shape recovery in bearish case, no one will be rushing to buy asset that crash 70% in a month, it has failed as a safe asset
- first support will be around 20 K ish
Bullish case:
- Test the parabolic line/support line and make a move up, at least mean reversion to 20 MA or 50 MA (there will be a lot of supply / heavy resistance)
Things to consider, BTC can move up and down very quickly at this time, 1 tweet can make fomo and short squeeze, the other tweet will be fud, but don't expect bull run until it Regain 200 DMA/50 DMA
Market sentiment is not capitulation yet, some people is still in denial
Waiting for meaningful mean reversion that seems not coming yet, however, 4 year cycle parabolic line hasn't been violated.
Don't expect ALTSEASON when $BTC is below 200 DMA.
Bearish case:
- Break and close below support and parabolic line
- There will be no V-Shape recovery in bearish case, no one will be rushing to buy asset that crash 70% in a month, it has failed as a safe asset
- first support will be around 20 K ish
Bullish case:
- Test the parabolic line/support line and make a move up, at least mean reversion to 20 MA or 50 MA (there will be a lot of supply / heavy resistance)
Things to consider, BTC can move up and down very quickly at this time, 1 tweet can make fomo and short squeeze, the other tweet will be fud, but don't expect bull run until it Regain 200 DMA/50 DMA
Market sentiment is not capitulation yet, some people is still in denial
Waiting for meaningful mean reversion that seems not coming yet, however, 4 year cycle parabolic line hasn't been violated.