Seems like the bearish breakdown signals from my idea on March 17th were right. However, breakdown happened a lot slower than expected. But is the bull run over?
Price did break down below the 50 day MA with a tap on the 100. During the 2017 bull run, trend would only reset after a tap on the 200 day and in my opinion that is inevitable. This should open up an edge to edge move within the ichimoku cloud . Since the price hugged the 50 day MA line before breaking down, I expect price to hug the 100 day MA now before moving further down towards the 200 day MA.
In the 2017 bull run, a trend would reset after ALL of the following are satisfied:
1. Bullish TK cross above the cloud.
2. Price bounces from 200 MA and makes a support on the 50 day.
3. RSI hits a value of 30 and bounces.
If you see these signals it’s a clear sign of trend reset and you can be sure that the bull run is not over. BTC has not gone through a reset in this bull run so I think it is about time we see one now.
These up-trend, sideways, reset cycles happened in quick successions in 2017 but this time I am believe cycles to expand. The market is impatient and BTC will test you. No Pain No Gain.
Idea invalidated if price falls below the cloud, breaks below the 200 day MA AND shows no sign of reversal on RSI .
PS: If this scenario plays out, it will be great for an extended alt season.
Price did break down below the 50 day MA with a tap on the 100. During the 2017 bull run, trend would only reset after a tap on the 200 day and in my opinion that is inevitable. This should open up an edge to edge move within the ichimoku cloud . Since the price hugged the 50 day MA line before breaking down, I expect price to hug the 100 day MA now before moving further down towards the 200 day MA.
In the 2017 bull run, a trend would reset after ALL of the following are satisfied:
1. Bullish TK cross above the cloud.
2. Price bounces from 200 MA and makes a support on the 50 day.
3. RSI hits a value of 30 and bounces.
If you see these signals it’s a clear sign of trend reset and you can be sure that the bull run is not over. BTC has not gone through a reset in this bull run so I think it is about time we see one now.
These up-trend, sideways, reset cycles happened in quick successions in 2017 but this time I am believe cycles to expand. The market is impatient and BTC will test you. No Pain No Gain.
Idea invalidated if price falls below the cloud, breaks below the 200 day MA AND shows no sign of reversal on RSI .
PS: If this scenario plays out, it will be great for an extended alt season.
