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 has been a consistent determination in whether we remain in cycle or not. In both previous cycles, we see Bitcoin lose the then on an attempt to regain, it rejects or fails and price continues downward.
2. Death cross: After rejecting the , 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 price action: low higher price
4. Negative RSI: seems to be going down as bitcoin continued to make highs. This is a indication
5. Weakening 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 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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