Is BTC in a bear market?
Hey guys, quick update here.
Yesterday Bitcoin went down again. Now, everyone is very fearfull and now it's time to start thinking wether the bull party is over or not.
What do wee see on the chart?
- You can see that Bitcoin is still in a falling wedge pattern.
- Bitcoin is now testing a critical support level.
- Bitcoin has been trading below the 50 EMA since November 2021.
- Fear and greed index is at 19.
- RSI didn't break the support level. RSI still shows momentum loss for a downwards continuation.
Conclusion:
My conclusion is, that although the chart looks very bearish. The falling wedge pattern has not been broken yet. And BTC didn't break the 40k - 38k support level. So I think 2 things. You should've been shorting BTC a very long time ago, if that's what you wanted. And if you're still looking for the reversal, there's still a chance.
Yesterday Bitcoin went down again. Now, everyone is very fearfull and now it's time to start thinking wether the bull party is over or not.
What do wee see on the chart?
- You can see that Bitcoin is still in a falling wedge pattern.
- Bitcoin is now testing a critical support level.
- Bitcoin has been trading below the 50 EMA since November 2021.
- Fear and greed index is at 19.
- RSI didn't break the support level. RSI still shows momentum loss for a downwards continuation.
Conclusion:
My conclusion is, that although the chart looks very bearish. The falling wedge pattern has not been broken yet. And BTC didn't break the 40k - 38k support level. So I think 2 things. You should've been shorting BTC a very long time ago, if that's what you wanted. And if you're still looking for the reversal, there's still a chance.
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