WHY MARKET IS BEARISH / DANGER FOR EXTRA BEARISH
Everywhere we read and listen about a new Bull cycle. Many investors are extra Bullish with Bitcoin.
I DISAGREE and i explain why.
At the moment bitcoin try to keep the main support area, before to RE-ENTER in Bearish Zone. (8650 - 8750)
Below this area we are and officially in Bear Zone.
But...We do not need this sign to understand that the whole market, even if we already retest 10k many times, the market continue to be bearish.
And i explain the main reason why.
On daily time frame since, 19 June Bitcoin created SIX LOWER HIGHS.
$14000
$13300
$12300
$10600
$10500
$10000
Technically lower highs indicate that buyers are failing at the moment to establish a new Bull Cycle.
Each time that we create lower high this it shows that selling pressure in the market is too strong to break out of it.
THIS IS THE MAIN REASON WHY WE ARE YET IN BEAR MARKET, WE ARE BEARISH AND WE WILL BE BULLISH ONLY IF
WE BREAK THE RESISTANCE OF $14000....
ONLY THEN WE WILL BE ABLE TO SPEAK ABOUT NEW CYCLE.
REGARDS
I DISAGREE and i explain why.
At the moment bitcoin try to keep the main support area, before to RE-ENTER in Bearish Zone. (8650 - 8750)
Below this area we are and officially in Bear Zone.
But...We do not need this sign to understand that the whole market, even if we already retest 10k many times, the market continue to be bearish.
And i explain the main reason why.
On daily time frame since, 19 June Bitcoin created SIX LOWER HIGHS.
$14000
$13300
$12300
$10600
$10500
$10000
Technically lower highs indicate that buyers are failing at the moment to establish a new Bull Cycle.
Each time that we create lower high this it shows that selling pressure in the market is too strong to break out of it.
THIS IS THE MAIN REASON WHY WE ARE YET IN BEAR MARKET, WE ARE BEARISH AND WE WILL BE BULLISH ONLY IF
WE BREAK THE RESISTANCE OF $14000....
ONLY THEN WE WILL BE ABLE TO SPEAK ABOUT NEW CYCLE.
REGARDS