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!
If we zoon in on the 1 hr. timeframe we see:
At the 8 hr. chart, we have this:
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.
In conclusion, it is anticipated that the price will continue to exhibit a downward trend, with a likelihood of revisiting the 15k level in the future.
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!
If we zoon in on the 1 hr. timeframe we see:
At the 8 hr. chart, we have this:
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.
In conclusion, it is anticipated that the price will continue to exhibit a downward trend, with a likelihood of revisiting the 15k level in the future.
Note
Price still within the triangle
Note
The altcoin market, in general, does not look good. The vast majority of altcoins have lost their BTC-pair support and are also on the verge of losing their USDT-pair support! Stay away from Altcoins for now!Note
The volume is very low atm. 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!
Note
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