A lot is going on with BTC at the moment. A common sentiment in the market is not looking great at the moment, and lots of people are starting to believe that we have already entered the bear market.
In my opinion, We are still in the bull cycle. Here is why?
Even though this correction was brutal, it is a very similar correction we have seen in May and September. We are still in the uptrend that started end of 2020 (Thick blue line). The market should be considered bearish if BTC breaks below 39-43k Support zone, which sits on top of the bullish trendline like a wall. Similar to May-June, we can see significant accumulation near the strong support (Green boxes) and 200 MA. The important thing to notice are the Yellow boxes shows the long accumulation during the dip.
Why I'm still bullish?
The current accumulation area (Yellow box) got major bullish confluence indicating a strong bullish signal. We have the strong support of around 39-43k, finding support around Fib 0.786 and bouncing at 200 MA. We have seen twice this year, whenever BTC crosses 200 MA we will see a massive pump follows after accumulation.
What's next?
BTC is currently stuck inside a bullish falling wedge (please zoom in to see the purple falling wedge) and downtrend (thin blue line). It should see a break out for the market to turn GREEN. This could happen if BTC finds support at fib and 200 MA or Correct even further towards 39-43k range to find major support.
Anything is possible until we see some clear confirmation such as -
Bullish - BTC pumps from this confluence area and break out of the falling wedge and downtrend line
Bearish - BTC dumps below 39k (Next major support is around 36k and 32k)
This is not financial advice, please DYOR. Please like and follow to support :)
In my opinion, We are still in the bull cycle. Here is why?
Even though this correction was brutal, it is a very similar correction we have seen in May and September. We are still in the uptrend that started end of 2020 (Thick blue line). The market should be considered bearish if BTC breaks below 39-43k Support zone, which sits on top of the bullish trendline like a wall. Similar to May-June, we can see significant accumulation near the strong support (Green boxes) and 200 MA. The important thing to notice are the Yellow boxes shows the long accumulation during the dip.
Why I'm still bullish?
The current accumulation area (Yellow box) got major bullish confluence indicating a strong bullish signal. We have the strong support of around 39-43k, finding support around Fib 0.786 and bouncing at 200 MA. We have seen twice this year, whenever BTC crosses 200 MA we will see a massive pump follows after accumulation.
What's next?
BTC is currently stuck inside a bullish falling wedge (please zoom in to see the purple falling wedge) and downtrend (thin blue line). It should see a break out for the market to turn GREEN. This could happen if BTC finds support at fib and 200 MA or Correct even further towards 39-43k range to find major support.
Anything is possible until we see some clear confirmation such as -
Bullish - BTC pumps from this confluence area and break out of the falling wedge and downtrend line
Bearish - BTC dumps below 39k (Next major support is around 36k and 32k)
This is not financial advice, please DYOR. Please like and follow to support :)
