Every major Bitcoin bottom has happened on the 2-day 200 SMA. If we break under the 200 and it become resistance, then yes, we're definitely entering in the bear market. However, until that happens, there's no solid reason to be bearish here and this area is an unquestionable buying spot, especially because we also have a massive bullish divergence from the previous bottom.
Yes - there are bearish signals here, too (such as the massive head & shoulders) and we could still drop below this key moving average and dump all the way back to 10K. Bitcoin can ALWAYS go either way. But you have to examine the strongest indicators, which are the long-term ones that have always played out through Bitcoin's history. Also we have not yet formed a lower low on the weekly.
Don't let the trolls and FUDsters distract you from simple TA, and also don't ever trust anyone who is always bull or bear or always thinking bulls vs. bears.
Warren Buffet said the stock market is a transfer of money from the patient to the inpatient. I would add that it's also a transfer of money from the biased to the unbiased.
Yes - there are bearish signals here, too (such as the massive head & shoulders) and we could still drop below this key moving average and dump all the way back to 10K. Bitcoin can ALWAYS go either way. But you have to examine the strongest indicators, which are the long-term ones that have always played out through Bitcoin's history. Also we have not yet formed a lower low on the weekly.
Don't let the trolls and FUDsters distract you from simple TA, and also don't ever trust anyone who is always bull or bear or always thinking bulls vs. bears.
Warren Buffet said the stock market is a transfer of money from the patient to the inpatient. I would add that it's also a transfer of money from the biased to the unbiased.