Long story short: Trendline broken->Bearish. Falling wedge broken->bearish. Fib level broken->Bearish. Currently looking at 1.618 around $44k. Even though we broke this price, we did not close a candle below this level, so still ok-ish. Looking for a structural retest of this Fib level, either we bounce or die.
Two things that spin around in my head: Bull markets don't end in fear, they end in euphoria. A reason to remain bullish, as long as we don't see any escalation with Covid measures etc. On the other hand, this cycle seems to be different, we could really be entering a bear market due to exogenous events (Not really black swans), and for that reason we don't get to see a parabolic move. It's all a matter of market manipulation at this point I'm afraid.
Two things that spin around in my head: Bull markets don't end in fear, they end in euphoria. A reason to remain bullish, as long as we don't see any escalation with Covid measures etc. On the other hand, this cycle seems to be different, we could really be entering a bear market due to exogenous events (Not really black swans), and for that reason we don't get to see a parabolic move. It's all a matter of market manipulation at this point I'm afraid.
Comment:
P.S. We might see several fake outs in LTF. Be careful with trading.