Short

Will BTCUSDT go all the way down before new uptrend?

Hi there fellow traders,

Recent movements on BTC started to make me question some things so I dug down deeper to find some answers. Although I am BTC fan and supporter I must say that this doesn't look optimistic for first half of the year at least. I listen a lot about coming up from recent dip and many experts saying many positive things as well as showing bullish patterns, but there is not much talk about possible bearish trend.
In the past 3 years crypto world has reached incredible popularity and grown so much in every aspect, new people started to trade even though they never traded before in their life (including myself). A massive amount of money came into the crypto scene. A massive amount of new coins and tokens got up to the market. Some of those coins and tokens are created by top experts in the industry and I believe people are starting to read about what are they investing in. There is so many good teams and projects coming on and people seems to realize that BTC is not the only crypto currency you can invest in. BTC still is greatest and I think it will stay for some more years to come but for now let's see how this monthly chart looks like and what some indicators are showing.

The most concerning fact for me is that I can see negative divergences on RSI, Stochastic, MFI and many other oscillators on monthly chart. On the top of that there is that possible Double top pattern. Plus the trend from 2020 got broken and rejected.
If I look objectively I would say the price could easily fall to 19 000 by some time in July this year before new cycle starts and trend from 2019 continues. If the price closes bellow 29 000 that's gonna be signal enough for me.
Personally I will turn to some other coins until this situation clears up.

Looking forward to read some of your opinions in the comments.

FootstepsToNowhere

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