BTC - Big move coming! Watch the neckline!
Updated
The volume is very low at the moment! This indicates a bigger move is coming!
Last time the volume was this low, the price went from 40k to 27k in only two days!
When meme coins start pumping, you know the overall rally is coming to an end. We are exactly in that phase, in my opinion. Memecoins have recently been pumping while the overall market has shown significant weakness.
I suggest that everyone stay away from Altcoins as the BTC dominance is expected to climb higher!
After examining the chart, it appears that the price of BTC is forming a head-and-shoulders pattern, which is typically indicative of a weakening trend. If the price breaks below the neckline, it will most likely fill the fair value- and CME gap.
Additionally, the current market period seems to follow a similar pattern to the one observed in 2021, suggesting that the market may experience a downward movement that could lead to a decline in value to 13.5k. While history doesn't always repeat itself, it's worth noting that historical patterns tend to rhyme with the present.
Moreover, the price of Bitcoin was recently rejected from the bear market downtrend resistance, indicating a potential move to the previous bottom of 15.5k, which is consistent with the concept of the price following a pattern reminiscent of the 2021 summer period. It's also worth mentioning that the S&P 500 has been showing some weakness, and since BTC typically moves in lockstep with the S&P 500, it can be prudent to monitor its movement.
The bear market probability index is currently at an all-time high, which suggests that the ongoing rally could be considered the biggest bull trap ever witnessed in the history of Bitcoin. While relying on a solitary model is insufficient for drawing definitive conclusions, numerous indicators suggest a downward price trend in this case.
Lastly, the market is experiencing a notable increase in fear, likely due to multiple factors simultaneously impacting the market. Based on historical precedent, it is reasonable to anticipate significant downward market movements should prior trends repeat themselves.
Last time the volume was this low, the price went from 40k to 27k in only two days!
When meme coins start pumping, you know the overall rally is coming to an end. We are exactly in that phase, in my opinion. Memecoins have recently been pumping while the overall market has shown significant weakness.
I suggest that everyone stay away from Altcoins as the BTC dominance is expected to climb higher!
After examining the chart, it appears that the price of BTC is forming a head-and-shoulders pattern, which is typically indicative of a weakening trend. If the price breaks below the neckline, it will most likely fill the fair value- and CME gap.
Additionally, the current market period seems to follow a similar pattern to the one observed in 2021, suggesting that the market may experience a downward movement that could lead to a decline in value to 13.5k. While history doesn't always repeat itself, it's worth noting that historical patterns tend to rhyme with the present.
Moreover, the price of Bitcoin was recently rejected from the bear market downtrend resistance, indicating a potential move to the previous bottom of 15.5k, which is consistent with the concept of the price following a pattern reminiscent of the 2021 summer period. It's also worth mentioning that the S&P 500 has been showing some weakness, and since BTC typically moves in lockstep with the S&P 500, it can be prudent to monitor its movement.
The bear market probability index is currently at an all-time high, which suggests that the ongoing rally could be considered the biggest bull trap ever witnessed in the history of Bitcoin. While relying on a solitary model is insufficient for drawing definitive conclusions, numerous indicators suggest a downward price trend in this case.
Lastly, the market is experiencing a notable increase in fear, likely due to multiple factors simultaneously impacting the market. Based on historical precedent, it is reasonable to anticipate significant downward market movements should prior trends repeat themselves.
Note
There's no support from 27k to 24.8k! Note
The price is retesting the neckline! Note
Massive breakout! This is going to smash the crypto market!It also looks like a double-bottom reversal!
Note
I'm Expecting a big move soon!Note
Big drop coming!Note
Price action getting tight! Note
Note
In the event of a breakdown below the support zone, it would signify the definitive end of the uptrend.Note
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