BTC/USD bull run incoming? Think again. The storm has not ended.

BTC/USD will see another dump to the next support level. Bitcoin is in a clear descending triangle which is a trend continuation pattern and majority of the times breaks downward. There are several reasons why in my opinion bitcoin will break down:
TA: RSI on the monthly and weekly has not bottomed out yet. In comparison, during the bear run of 2014-2016 bitcoin began the bull run after bottoming out on the weekly chart. RSI on the daily is currently in a neutral location, allowing for a major breakout in either direction. A major breakout should be expected near the 2nd or 3rd week of next month, since then bitcoin will reach the end of the descending triangle. However, it is facing two stiff resistances on the upper side (triangle hypotenuse and 200-ma), and major support on the downside (long-term support trend line).
Gut feeling: everyone is expecting BTC to start a bull run, and as we know the opposite of what is expected is what really occurs more often than not.
My advice is to wait for breakout confirmation. Just be careful about fake-outs, so don't rush to buy or sell as soon as it seems that price is breaking out in either direction, give it some time to settle.

Comment:

I hope you guys did not follow all those bullish trader who called for the moon despite the chart indicating higher odds of the price sinking. I am not going to say I told you so, because honestly for a moment there I was a bit confused as well as to which direction it would take. However, the sentiment was "unnecessarily" bullish (maybe from desperation), couple that with indicators that showed there still was room to go down, and the fact that shorts were decreasing while longs did not really increase (barely). Please follow the indicators and do your own charts. I have been in fiat since that small bull run to $8400 in july (see my other chart). Probably only 10% of traders who post here only follow through their trades and yet they still tell other people to go long because it would benefit them. These traders are easy to spot (hint hint, post a chart every day to make you forget their previous failed chart).

Now, is this end? No, just a correction from the highs of December 2017. Indicators on the weekly and monthly charts showed that BTC was not oversold (still isn't) so yeah there is room for even further price drops.

Is this the bottom? No and no one, NO ONE, knows. Only assumption can be made, imho the bottom is somewhere between $3000-$5000, but just an opinion.

Should I buy now? I would wait. If like me you are sitting in fiat or tethered, then you already made a lot of profit by increasing your stack potentially.

What should I look for? Spotting a divergence in the higher time frames (daily, weekly, etc.) could indicate that the bottom is in, and that is what I am waiting for before going in (risky, but will yield more than waiting for bull breakout confirmation).