Could this be the start of the correction we've been waiting for
Things are not looking good for Bitcoin.
As we can see from the last move up, we failed to eclipse or even retest the previous high at 14k.
This is a very bearish sign.
This was followed by a heavy selloff with substantial volume, telling us that
A) Sellers have come back into the market
B) Longs are being closed
We are now struggling to even break the 382 retracement, another very bearish sign.
On top of all of that, as BTC has been trading up, we have had very obvious declining volume indicating a severe lack of buyer interest in the bounce.
BTC made a very strong move up and has alot of untested levels on the way down.
if you run a 21 MA on the weekly you can see that during the 2017 Bullrun, BTC hugged the 21 MA all the way up. On this move, we have yet to retest the 21 MA on the weekly even ONCE.
This move is actually much unhealthier than the bullrun of 2017.
When we get a parabolic move like this, the corrections tend to be very violent.
Time will tell about whether or not we get a heavy selloff but for now, things are not looking good for the bulls.
As always, if you have any questions or are looking for clarification, feel free to reach out
As we can see from the last move up, we failed to eclipse or even retest the previous high at 14k.
This is a very bearish sign.
This was followed by a heavy selloff with substantial volume, telling us that
A) Sellers have come back into the market
B) Longs are being closed
We are now struggling to even break the 382 retracement, another very bearish sign.
On top of all of that, as BTC has been trading up, we have had very obvious declining volume indicating a severe lack of buyer interest in the bounce.
BTC made a very strong move up and has alot of untested levels on the way down.
if you run a 21 MA on the weekly you can see that during the 2017 Bullrun, BTC hugged the 21 MA all the way up. On this move, we have yet to retest the 21 MA on the weekly even ONCE.
This move is actually much unhealthier than the bullrun of 2017.
When we get a parabolic move like this, the corrections tend to be very violent.
Time will tell about whether or not we get a heavy selloff but for now, things are not looking good for the bulls.
As always, if you have any questions or are looking for clarification, feel free to reach out