We are in a bear market and have further downside
There has been a lot of talk lately about a breakout for Bitcoin, but the upper trend line of this chart clearly shows we are in a bear market and that we are about to go further down.
In fact, it seems we are just about to hit the 'red' zone of the Gaussian channel.
Bitcoin hit the upper, black trend line perfectly in April of 2021. Thereafter, Btc made a second, but failed attempt to hit the line in November of 2021, i.e. a typical 'dead cat' bounce. Although Btc made a higher high at that tine, this high was still further away from the upper trend line than the previous high (which hit it perfectly).
Looking at the lower trenline(s), Btc has very much room to go lower before reversal.
Do you agree?
In fact, it seems we are just about to hit the 'red' zone of the Gaussian channel.
Bitcoin hit the upper, black trend line perfectly in April of 2021. Thereafter, Btc made a second, but failed attempt to hit the line in November of 2021, i.e. a typical 'dead cat' bounce. Although Btc made a higher high at that tine, this high was still further away from the upper trend line than the previous high (which hit it perfectly).
Looking at the lower trenline(s), Btc has very much room to go lower before reversal.
Do you agree?
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