I'm a trend follower via Cycles. The Investor in me is as bullish on Bitcoin as i have ever been. I'm fully on board the #HODL train.
But as a trader, it requires a different lens, as the trading time-frame is much shorter, the long term fundamentals are not applicable. Careful confusing fundamentals with what is occurring in a short term price chart!
So naturally, a trend follower can only conclude that Bitcoin is locked in a "Cyclical Bear Market". Eventually, this too shall pass, but for the time being I want to be viewing the market from that perspective. Therefore, I see this rally as the counter-trend move back to the trendline. At that trend-line, I want to start looking for short opportunities again.
The intermediate term trend-lines on this chart are NOT a prediction. They simply represent ONE possible "bear Market" trend within Cycles. Point being, a bear trend is a downtrend, until the market proves otherwise.