Earlier today, I took some time to scroll through Reddit and Twitter, where I saw discussions suggesting that the recent pullback in crypto is the first leg of the highly anticipated bull run.
While I largely agree that the bull run is far from over, a broader look at price movements across multiple markets indicates that the bear market isn’t over yet.
To prove this point, I will be analysing Bitcoin's price charts.
On Bitcoin's daily chart, it's clear that the current price movement is more of a correction than a reversal.
Zoom in to the 4-hour chart and and you can see how the pullback moves in an ascending triangle. Over the next few days we might see price break below the channel and head for the area around point 'B'.
This will serve as the pullback for this short swing, where bulls will temporarily drive prices slightly above the most recent high before a sharp decline leads to the formation of a new low.
While I largely agree that the bull run is far from over, a broader look at price movements across multiple markets indicates that the bear market isn’t over yet.
To prove this point, I will be analysing Bitcoin's price charts.
On Bitcoin's daily chart, it's clear that the current price movement is more of a correction than a reversal.
Zoom in to the 4-hour chart and and you can see how the pullback moves in an ascending triangle. Over the next few days we might see price break below the channel and head for the area around point 'B'.
This will serve as the pullback for this short swing, where bulls will temporarily drive prices slightly above the most recent high before a sharp decline leads to the formation of a new low.
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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.