Bitcoin has entered its Bear Market!
Hello Everyone,
I believe bitcoin has entered its Bear Market. The Bitcoin Dominance chart is showing a similar double bottom pattern that we saw in 2018. At the same time Crypto TOTAL is showing a double top pattern which is bearish (Please see the attached image). https://www.tradingview.com/x/AjOtyeMp/
Also to include, Bitcoin and Altcoins are showing validated bearish patterns on the Daily timeframes. As well as bitcoin showing heavy bearish signs on Weekly/Monthly (See my last post).
Here are the techicals:
1. BTC.D is showing a double bottom: If validated this will crush alts.
2. BTC is at similar levels which kicked off the 2018 bear market.
3. Crypto TOTAL is showing a double top pattern- this will initiate a large bearish sentiment if confirmed.
4. All longer term time frames on BTC are bearish (Monthly - Weekly- Daily).
5. Alt coins are validating bearish patterns on the daily timeframes. (Head and shoulders on ETH, LTC, and BCH). (Double top on BNB). etc...
If you are looking to enter a long, I would be cautious in my opinion. Price action is not bullish and a big sell off could be in the works.
As always, be patient, use risk management, and good luck trading!
I believe bitcoin has entered its Bear Market. The Bitcoin Dominance chart is showing a similar double bottom pattern that we saw in 2018. At the same time Crypto TOTAL is showing a double top pattern which is bearish (Please see the attached image). https://www.tradingview.com/x/AjOtyeMp/
Also to include, Bitcoin and Altcoins are showing validated bearish patterns on the Daily timeframes. As well as bitcoin showing heavy bearish signs on Weekly/Monthly (See my last post).
Here are the techicals:
1. BTC.D is showing a double bottom: If validated this will crush alts.
2. BTC is at similar levels which kicked off the 2018 bear market.
3. Crypto TOTAL is showing a double top pattern- this will initiate a large bearish sentiment if confirmed.
4. All longer term time frames on BTC are bearish (Monthly - Weekly- Daily).
5. Alt coins are validating bearish patterns on the daily timeframes. (Head and shoulders on ETH, LTC, and BCH). (Double top on BNB). etc...
If you are looking to enter a long, I would be cautious in my opinion. Price action is not bullish and a big sell off could be in the works.
As always, be patient, use risk management, and good luck trading!
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