3 Reasons why I think Bitcoin is in bear market
I clearly have three reason Bitcoin will be bear market.
1) The price has broken pitch fork's final Support. It could be over sold due to RSI but we must aware that the trend has broken and shifted to bear market. We may see bounce and turn into bull market but I highly doubt that.
2) From Bottom price during 2015 to recent ATH, the price failed to hold 0.786 Support. Are we able to see price bounce? Yes! but the probability is really low.
3) According to VPVR current price range has no momentum to hold the price. there are many bag holders that willing to sell when price gets higher.
In conclusion price can go up but from chart analysis view, it is likely not going to happen. When market is in consolidating or have no clear chart, it is best to stay away from it.
cheers!
1) The price has broken pitch fork's final Support. It could be over sold due to RSI but we must aware that the trend has broken and shifted to bear market. We may see bounce and turn into bull market but I highly doubt that.
2) From Bottom price during 2015 to recent ATH, the price failed to hold 0.786 Support. Are we able to see price bounce? Yes! but the probability is really low.
3) According to VPVR current price range has no momentum to hold the price. there are many bag holders that willing to sell when price gets higher.
In conclusion price can go up but from chart analysis view, it is likely not going to happen. When market is in consolidating or have no clear chart, it is best to stay away from it.
cheers!
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.