BTC - A wick up & A wick down!
Updated
This scenario exemplifies a classic case of a bull trap, whereby the market deceives investors into believing that an upward trend is imminent before rapidly reversing course. In the current climate, the bear market is merciless, causing losses for both bullish and bearish investors alike. Thus, adopting a cautious approach and waiting for prices to decline before initiating long-term investments is advised to ensure security.
And upon further 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!
Furthermore 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.
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.
And upon further 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!
Furthermore 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.
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.
Comment
Wallets belonging to Mt Gox and US government are making transactions. Bitcoin dumping!
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