Big rejection - BTC coming back home!
Updated
Here's a quick look at the 3-day BTC chart
Upon examination, it is evident that the price got rejected from the bear market downtrend resistance! There is a possibility that the recent bear market rally has come to an end. The rejection from the downtrend resistance is indicating a potential move to the previous bottom of 15.5k. This notion is consistent with the concept of the price following a pattern reminiscent of the 2021 summer period!
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It appears that the current market period is unfolding similarly to the one observed in 2021. If this trend continues, it is likely that the market will experience a downward movement, potentially leading to a decline in value to 13.5k.
While it's true that history doesn't necessarily have to repeat itself, it is often observed that historical patterns tend to rhyme with the present.
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Recent Altcoin trades:
ARB / USDT: 30% profit!
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BTC dictates the market. If BTC falls, then Alts will drop as well. Trade safe!
Upon examination, it is evident that the price got rejected from the bear market downtrend resistance! There is a possibility that the recent bear market rally has come to an end. The rejection from the downtrend resistance is indicating a potential move to the previous bottom of 15.5k. This notion is consistent with the concept of the price following a pattern reminiscent of the 2021 summer period!
-------------------------------------------
It appears that the current market period is unfolding similarly to the one observed in 2021. If this trend continues, it is likely that the market will experience a downward movement, potentially leading to a decline in value to 13.5k.
While it's true that history doesn't necessarily have to repeat itself, it is often observed that historical patterns tend to rhyme with the present.
-------------------------------------------
About our trades:
Our success rate is notably high, with 10 out of 11 posted trade setups achieving at least their first target upon a breakout price breach (The most on TW!) . Our TradingView page serves as a testament to this claim, and we invite you to verify it!
-------------------------------------------
Recent Altcoin trades:
ARB / USDT: 30% profit!
-------------------------------------------
If you like the content, then make sure to comment and like the post :D
Follow me for daily profitable trading setups.
BTC dictates the market. If BTC falls, then Alts will drop as well. Trade safe!
Note
Thoughts on the market Current market conditions suggests that many altcoins are exhibiting a bearish outlook, with a considerable number of them having breached their BTC-pair support levels. This indicates that in the event of another drop in BTC prices, altcoins are likely to suffer significant losses. It is my projection that a decline of at least 50-70% in altcoins may occur prior to August. I maintain a highly bearish stance regarding the upcoming summer period, which seems to resemble the summer period of 2021.
Regarding Bitcoin, it is possible that it may soon reach 25k so trade safe
Note
Some thoughts It has been observed that the BTC dominance index tends to increase alongside the BTC/USD price, which has been a notable trend in the market. However, the shift to a scenario where the dominance index rises while the BTC/USD rate drops marks a critical point in the altcoin reckoning process. In such a situation, altcoins may face significant losses in both directions, resulting in a challenging market environment for these assets.
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Time to go back down! That trendline has a lot of signicance!
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A wick up & A wick down: The current bear market is very unforgiving as both bulls and bears are experiencing simultaneous losses. The individual who exercises caution and waits for lower prices to make long-term purchases will be the one who remains secure.
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Wallets belonging to Mt Gox and US government are making transactions. Bitcoin dumping!
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The bear market probability index is at a All time high! In my opinion, the ongoing rally could be considered as the biggest bull trap ever witnessed in the history of Bitcoin. I am currently observing from a passive position and anticipating a decrease in prices. Undoubtedly, relying on a solitary model is insufficient for drawing definitive conclusions. In fact, in this case numerous indicators suggest a downward trend in prices!
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We expect the price to stay below the bear market trendline for now.Note
It looks like the bear market trendline is being respected!
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