BITCOIN, ON THE BRINK OF A BEAR MARKET.... OR IS IT?
Bitcoin holds the 21EMA on the Weekly through its entire existence during a BULL Market. As soon as we break below and hold below the 21EMA on the weekly, we have always had a prolonged and major correction bear market.
Today, Bitcoin has broken below the 21EMA on the Weekly.
Now.. this does not necessarily mean a bear market this time because there is a confluence of indications that can make this a fake out. IF Bitcoin is able to move itself back above the 21EMA on the weekly chart, we will have pulled off the BIGGEST Resistance to Support flip ever in Bitcoin history and possibly in Trading History. Especially when it comes to the crucial point of this being for the continuation of the bull market or the start of a bear market.
We have an ascending trend line from the start of our bullrun at the end of last year that we are coming in contact with right here. We are also at the point of old resistance from our high made a few months back. We are also in contact with a trend line that comes all the way from July 2013. Both these trend lines converge to create a confluence at the .55 fib ext. level. The resistance we have been held down by has been the .618 fib ext. No surprise there.
We are also coming in confluence with the middle of the Logarithmic Regression curve to find support.
We are also in the middle of a Wycoff Accumulation Phase Patterrn. Which could end with a move to the level we are at or possibly even down to the Elon Musk Buy Zone before looking at the true breakout.
If we are able to pull off a move back above the 21EMA on the Weekly, This is the biggest bullish indication we have had flash in bitcoin history. BUY THE DIP.
Risky Trade with tight stop loss can be put in between the $42k-$44k range.
Otherwise buy the Dip on the way down to the Elon Musk Buy Zone. And hold a stop loss around the $27.5k range.
If we are to close the below the 21EMA on the Weekly, then we are looking for the move down to the Elon Musk Buy Zone between $30k-$32k in the hope for a very strong bounce to complete a Wycoff Accumulation Phase Pattern intoa Wycoff Breakout. If we dead cat bounce, Or if we cannot move upward, I URGE EXTREME CAUTION AS WE WOULD CONFIRM A BEAR MARKET BY MOVING BACK UNDER $30k and HOLDING BELOW.
Today, Bitcoin has broken below the 21EMA on the Weekly.
Now.. this does not necessarily mean a bear market this time because there is a confluence of indications that can make this a fake out. IF Bitcoin is able to move itself back above the 21EMA on the weekly chart, we will have pulled off the BIGGEST Resistance to Support flip ever in Bitcoin history and possibly in Trading History. Especially when it comes to the crucial point of this being for the continuation of the bull market or the start of a bear market.
We have an ascending trend line from the start of our bullrun at the end of last year that we are coming in contact with right here. We are also at the point of old resistance from our high made a few months back. We are also in contact with a trend line that comes all the way from July 2013. Both these trend lines converge to create a confluence at the .55 fib ext. level. The resistance we have been held down by has been the .618 fib ext. No surprise there.
We are also coming in confluence with the middle of the Logarithmic Regression curve to find support.
We are also in the middle of a Wycoff Accumulation Phase Patterrn. Which could end with a move to the level we are at or possibly even down to the Elon Musk Buy Zone before looking at the true breakout.
If we are able to pull off a move back above the 21EMA on the Weekly, This is the biggest bullish indication we have had flash in bitcoin history. BUY THE DIP.
Risky Trade with tight stop loss can be put in between the $42k-$44k range.
Otherwise buy the Dip on the way down to the Elon Musk Buy Zone. And hold a stop loss around the $27.5k range.
If we are to close the below the 21EMA on the Weekly, then we are looking for the move down to the Elon Musk Buy Zone between $30k-$32k in the hope for a very strong bounce to complete a Wycoff Accumulation Phase Pattern intoa Wycoff Breakout. If we dead cat bounce, Or if we cannot move upward, I URGE EXTREME CAUTION AS WE WOULD CONFIRM A BEAR MARKET BY MOVING BACK UNDER $30k and HOLDING BELOW.