Bitcoin is confirming the next Bear Market

BITSTAMP:BTCUSD   Bitcoin / U.S. Dollar
Hello Everyone,

Quick post for today. After a 20x gain over an entire year, I believe Bitcoin is confirming the next bear market cycle. Here are the technicals:

1. Rejection of the Hull Moving Average: The hull moving average has been a consistent determination in whether we remain in cycle or not. In both previous cycles, we see Bitcoin lose the hull moving average then on an attempt to regain, it rejects or fails and price continues downward.

2. Death cross: After rejecting the hull moving average , there is a death cross of the 20WMA and the 50WMA. This immediately happens after rejection and is another confirmation of a bear market.

3. Dead Cat bounce: There were 2 distinct dead cat bounces right after the fall from each cycle ATH . This is noticeable with the bearish price action: low volume higher price

4. Negative RSI: RSI seems to be going down as bitcoin continued to make highs. This is a bearish indication

5. Weakening MACD: MACD is weakening as bitcoin has another attempt at the 65k all time high.

Although some of you may be discouraged, angry, or depressed the bear market is the best place to DCA and restock swing trade buys. My guess is the bottom is consistent with the 200WMA as it has been the bottom of each of the other two bear cycles.

My plan moving forward is to DCA between the 100 and 200 WMA as well as look for swing trade plays during the bear market.

As always, be patient, use risk management, and good luck trading!
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Whales currently manipulating the price upwards waiting for next big dump imho
+8 Reply

This guy disagrees!
+5 Reply
I support this analysis
+4 Reply
yea this seems most likely
+3 Reply
Indeed a good presentation of your idea. I too believe we are confirming the next bear market.
+2 Reply
around this time whales manipulate btc to look as if its going down
but on chain metrics show btc supply still dwindling
golden cross happening
Im bullish. But time will only tell
+2 Reply
bearish divergences all over the 30min chart today
+2 Reply
@rohi_RSH big bull trap i believe
+1 Reply
Thank you
+2 Reply
Thank you