Hi all! Why do I think the crypto bear market is not over yet? Keep reading...
This is serial of 5 BTCUSD ideas (with 5 bearish agruments) released one after another one at a time after reaching following criterions: This idea needs to get at least 30 likes (just click the 🚀 button) and 20 comments (mine included, just say "thanks" whatever) in order to "unlock" the next idea which I will publish (also here in comments) once the criteria are met and as soon as I can.
2nd post of the series met the criteria, so now let's move on!
REASON #3: Trendlines This is weekly chart of all available BTC data on BITSTAMP, which I think is the longest BTCUSD history here on TV. If I'm wrong, please let me know.
This major uptrendline drawn from the low on logarithimic chart has been broken while the major downtrendline (starting from ATH) still remains intact (zoom in to see it better), so we should assume downtrend as long as the downtrendline holds. It's just that simple, don't overcomplicate things. If drawn correctly the trendlines are one of the most powerfull tools of Technical Analysis. Forget lagging moving averages.
What do you think? Boost and comment in order to "unlock" the next (4/5) BTC bearish reason! Cheers!
Check my other stuff in related ideas.
Please boost🚀, comment🗣️, follow me✒️, enjoy📺!
⚠️Disclaimer: I'm not financial advisor. This is not a financial advice. Do your own due dilingence.
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Sorry had to repost, I needed to fix some drawings
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1st post of the series: REASON #1: Head and Shoulders
2nd post of the series: REASON #2: Bear Flag
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This idea still needs 12 more comments to unlock the next idea. Come on, guys! 😉
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Even this cyan uptrendline got broken, backtested and price got rejected...