In my most recent BTC (and other) analyses I have been quite optimistic about the market. However, the drop from 46K to 41K has been brutal and made me doubt my optimism. Henceforth, I'm going to look with a more bearish note to the market.
The yellow dotted line, combined with the 40k support, is the Bull's last hope for a meaningful reversal. Even if it holds for now, there's still the bearish trend line to get through. Bears are clearly in favor at the moment.
If we're going to close the week below 40k, there's a decent possibility that we're going to visit the 30k support again. In that case, the bull-market would be very close to being over. I'd advise all buyers to be aware of the clear bearish bias in the market and wait for a clear reversal pattern before going long.
@TradingView, Thanks for the coins, appreciate the support🔥
prefabsprout
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we will def break support but just so bears can load up on shorts and get mercilessly liquidated. again.
ScottWilhelmsen
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@prefabsprout, whalish games.... bottom is in! thinking about buying soon and throwing down a small long when confirmation, I just keep reminding myself to be patient
ScottWilhelmsen
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@prefabsprout, yes support breaks both ways... this is how whales take advantage of leveraged TA traders, BTC full of false breakouts
UnknownUnicorn27717031
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Lol trading is easy if you learn it the right way just find strong demand zones or simply draw a trendline wait for one to happen if it reaches your demand zone and you see bullish action get in or if it breaks your trend line with bullish moment get in get rid of all this indicators covering up your whole chart that you can barely see the pattern
k902
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@prefabsprout, we want that to happen as market was mercilessly hard on longs no relief rally in between
nickhntv
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@prefabsprout, most likely as institutional investors love to mess up with retail traders.
MladenJelic
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last year at this time the sentiment was strong bullish, now it is more bearish ... the direction is not completely clear ... but looking at the professionals ... we are more likely to go towards 30.000 usd and maybe 20.000 usd