Bitcoin Gets Rekt Along with Entire Crypto Market
Bears:
Bitcoin just broke the neckline of a huge head and shoulders pattern and formed a bear pennant. The price is below all the SMAs and EMAs and on top of that the crypto markets are being punished by institutional dumping, continued interest rate hikes, SEC appealing XRP case, and just FUD in general coming from current events. I believe this will bring a huge once in a lifetime opportunity that people can ride for the rest of their lives.
Bulls:
The hidden bullish divergence is there and is being backed up with an oversold RSI and a big support level at 25000. Bitcoin may see a retest of the neckline. On the flip side, the price would only have to fall to 25000 support level to make the hidden bullish divergence invalid.
Overall, I feel like the bears have more weight here.
Not financial advice. Entertainment purposes only!
Bitcoin just broke the neckline of a huge head and shoulders pattern and formed a bear pennant. The price is below all the SMAs and EMAs and on top of that the crypto markets are being punished by institutional dumping, continued interest rate hikes, SEC appealing XRP case, and just FUD in general coming from current events. I believe this will bring a huge once in a lifetime opportunity that people can ride for the rest of their lives.
Bulls:
The hidden bullish divergence is there and is being backed up with an oversold RSI and a big support level at 25000. Bitcoin may see a retest of the neckline. On the flip side, the price would only have to fall to 25000 support level to make the hidden bullish divergence invalid.
Overall, I feel like the bears have more weight here.
Not financial advice. Entertainment purposes only!
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