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 (here in comments) once the criterions are met and as soon as I can.
So let's get started!
REASON #1: Head and Shoulders You probably saw this already elsewhere but...the devil is in the details (i.e. target can differ), also it's still absolutely legit. So Bitcoin reached the all-time high @ 69K, dumped hard to 42K, bounced and then dropped back down to 43K. All that price action formed Head and Shoulders pattern (which is reversal formation) with target @ 10200. Break of the neckline and several backtests (red arrows) with rejections just added to the pattern validity. Now we are far away from the breaking point (neckline) but on the other hand we are still quite far away from the pattern target. I mean from 20K to 10K it's still -50%, which is the same as from 40K to 20K. Anyway ... let me know in the comments what do you think. Boost and comment in order to "unlock" the next (2/5) 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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So we have got 30 likes, nice. But still need 9 more comments to unlock the next idea. Come on, guys! 😉
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Here we go guys, next idea of the series unlocked, enjoy: BTC: 5 bearish reasons (2/5)
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Next idea of the series unlocked, enjoy: BTC: 5 bearish reasons (3/5)
Maybe, on Monday, China sells a mountain of dollars as it said it will to support the yuan, the DXY drops to 85, the BTC pumps to 40,000 ... But since the BTC casino, the war has entered, everything can be. One thing we know, BTC will not be recognized as a safe haven asset
bizmark
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@robyroy, yes, BTC is just risk-on asset, the correlation with stocks (mainly with nasdaq) is just too strong, not a good hedge. BTW DXY just hit strong resistance last week, so it will interesting to watch what's next.
illuminating_trade
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bizmark
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@danta_master, thank you for sharing your view.
Solldy
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Pretty interesting and informative publication 🤔 You have quite an unusual approach to technical analysis, I like it)
mr_lu
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my own personal favourite would be not TA nor PA, but simple fact that all retail plebs funds got sucked off either by the fall from 69k, after which the ppl who bought on top have no money left, or simply by inflation, war and other "macro" stuff. Before ppl got free cash to start playing again, the BTC casino wont be much fun, IMHO
bizmark
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@mr_lu, I would add FED raising rates and strong USD. Anyway TA is just like bigboys' & insiders' footprints in the sand. Interesting that I have seen many times when price reversed @ strong S/R levels and then just some breaking news came in right after...
That behemoth H&S is one thing many moon boys have been ignoring as they continue calling at the moon like wolves. I won't ruin the entire mysticism of it all but if I had to guess only one of them I would bet that the long term southbound trendline that BTC is sticking with is another reason... I have to wonder how many of these five reasons are in my book as well. By the way, there is still plenty of drama on the horizon too as proceedings between Coinbase and the SEC ramp up, the SEC raises accusations against Hydrogen also, and that one doesn't look good at all, with one party to the suit already paying up their dues. Cherry on top is the Oct interest hike the feds will roll out. I'll be watching. Following you now too.
bizmark
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@cryptospawn, thanks for your comment, I like it. Well regarding the other reasons, actually I have around 10 in total, just need to decide which ones I will publish. But yeah, you prolly guessed one of them. Also thanks for following.