hey everyone 👋🏻does $BTC really going to fall at 28500$ ?
I am serious talking about $BTC and by seeing this I am shocked 😳
is it again going to dump below 50K this time or not let see
Overall, there are some signs that Bitcoin is setting up for a substantial bear correction. While similarities to the 2021-2022 setup can be seen, we cannot confirm that it will replicate the crash.
Looking at the weekly chart, we can see the following red flags;
BTC has fallen by approximately 43.4% from its all-time high of $126,208.
Price is currently sitting below MA(7), MA(25), MA(99) and all the EMAs shown.
RSI(6) on the weekly time frame is sitting around 30, showing strong bear momentum.
Prices have struggled to retest the MA’s on previous bounces.
We need to see more confirmation on volume and momentum to determine if the selling pressure is exhausting.
Interestingly enough, during the 2021-2022 cycle, Bitcoin did struggle to bounce back before entering into a long-term bear market. However, similarities to previous years does not mean it will be the same.
What I will be looking at is whether BTC can retest the EMA/MA levels between $76K-$80K or continue to make lower weekly lows.
Until there is clear evidence of a weekly bounce, I think it would be more prudent to have a bearish bias.
Are we seeing Bitcoin enter another major bear phase? Or just a large correction ahead of the next bullish phase?
This is not financial advice, but a technical observation of the market.
I am serious talking about $BTC and by seeing this I am shocked 😳
is it again going to dump below 50K this time or not let see
Overall, there are some signs that Bitcoin is setting up for a substantial bear correction. While similarities to the 2021-2022 setup can be seen, we cannot confirm that it will replicate the crash.
Looking at the weekly chart, we can see the following red flags;
BTC has fallen by approximately 43.4% from its all-time high of $126,208.
Price is currently sitting below MA(7), MA(25), MA(99) and all the EMAs shown.
RSI(6) on the weekly time frame is sitting around 30, showing strong bear momentum.
Prices have struggled to retest the MA’s on previous bounces.
We need to see more confirmation on volume and momentum to determine if the selling pressure is exhausting.
Interestingly enough, during the 2021-2022 cycle, Bitcoin did struggle to bounce back before entering into a long-term bear market. However, similarities to previous years does not mean it will be the same.
What I will be looking at is whether BTC can retest the EMA/MA levels between $76K-$80K or continue to make lower weekly lows.
Until there is clear evidence of a weekly bounce, I think it would be more prudent to have a bearish bias.
Are we seeing Bitcoin enter another major bear phase? Or just a large correction ahead of the next bullish phase?
This is not financial advice, but a technical observation of the market.
