BTC retest of the breakout?
There is a general negative sentiment around btc.
Could this be the end of the bull market?
There are 2 possible outcomes, one is the bearish case:
Implying there have already been 5 waves to the upside and we are already in a bear market. It is possible, but given the general sentiment of fear I do not think that's the case. No bull market ends in fear, but in euphoria.
By taking a closer look at what was the last run from 30k roughly to 69k, we can notice there was a breakout of an inverse head and shoulders, and we are now retesting the breakout level. If this level holds then wave 5 is not over and we could see much more to come.
By zooming in we can notice 3 wicks indicating buying pressure:
So the first signs for a positive bullish continuation would be a breakout of 49901.71$ and 53058 afterwards.
A negative outlook would be in case btc breaks that support line, unlikely at this point of time. Short timeframe is very likely to bounce.
Could this be the end of the bull market?
There are 2 possible outcomes, one is the bearish case:
Implying there have already been 5 waves to the upside and we are already in a bear market. It is possible, but given the general sentiment of fear I do not think that's the case. No bull market ends in fear, but in euphoria.
By taking a closer look at what was the last run from 30k roughly to 69k, we can notice there was a breakout of an inverse head and shoulders, and we are now retesting the breakout level. If this level holds then wave 5 is not over and we could see much more to come.
By zooming in we can notice 3 wicks indicating buying pressure:
So the first signs for a positive bullish continuation would be a breakout of 49901.71$ and 53058 afterwards.
A negative outlook would be in case btc breaks that support line, unlikely at this point of time. Short timeframe is very likely to bounce.
Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.