Bitcoin rejects 50ema, bears follow through, bear market ahead!
Continuing the prior blow off top comparison between 2017/18 and 2019, we see Bitcoin is now being control by the 50 EMA on the 4hr.
It came down off the first 50 EMA test, bounced back, and then tested the 50 EMA again but was finally rejected with strong follow through from the Bears.
People trying to compare this to the consolidation periods during bitcoin's bull market in 2016-2017 are not looking at the charts correctly.
Bitcoin did not consolidate this long without making higher highs or higher lows. Additionally, there wasn't a blow off top and break of a parabola like there is now. This is clearly a change of behavior that is more akin to the market shift from bull to bear in 2017 following the blow off top at ATH.
Now is not the time to be perma bull, you're going to miss the boat and come october, you're going to be kicking yourself for not "selling the high". If you survived through 2018, there is zero excuse for this.
It came down off the first 50 EMA test, bounced back, and then tested the 50 EMA again but was finally rejected with strong follow through from the Bears.
People trying to compare this to the consolidation periods during bitcoin's bull market in 2016-2017 are not looking at the charts correctly.
Bitcoin did not consolidate this long without making higher highs or higher lows. Additionally, there wasn't a blow off top and break of a parabola like there is now. This is clearly a change of behavior that is more akin to the market shift from bull to bear in 2017 following the blow off top at ATH.
Now is not the time to be perma bull, you're going to miss the boat and come october, you're going to be kicking yourself for not "selling the high". If you survived through 2018, there is zero excuse for this.
