bull reaction rally coming to an end; bear market still here
Each green dash is a new higher low (long entry) and each red dash is a higher high (short entry). The orange dash is a lower high and that means consolidation or reversal. It broke out and shot up to test 4300 resistance. Now we are making a new lower high and if we break 3900 the short term holiday bull rally is over and we should go back down to retest 3k. It's doubtful that a cup and handle or inverse head and shoulders will develop in a full-blown bear market.
This was a bull rally due to over confident and over extended shorts thinking it was EZ money. This Xmass pump was a tribute to the 20k anniversary and I would expect BTC to DUMP again hard after the holidays just like it did last year. The bottom is NOT in.
This was a bull rally due to over confident and over extended shorts thinking it was EZ money. This Xmass pump was a tribute to the 20k anniversary and I would expect BTC to DUMP again hard after the holidays just like it did last year. The bottom is NOT in.
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