so today we got a pretty unexpected & strong pump. This pump invalidated my initial idea of retesting 5.800$ this week.
Since then, we had some sort of consolidation, which made us form a bullflag.
Target of the afore mentioned bull flag would be around 8.800$, which would correlate with our previous high/resistance during the end of march.
Do I think the bear market is over? Definetly not and there are multiple reasons for that.
Once you switch to the logscale, we're still clearly within a downtrend and are far away from breaking resistance. History has proven the log scale is the most reliable source when it comes to analyzing BTC.
In addition to that, we haven't had a capitulation yet. There's a reason why professionals rely on market cycles. It's because they repeat themselves over and over again, whether you like it or not.
Capitulation and despair are signifcant components when it comes to these and we haven't witnessed them yet.
Furthermore, a downtrend does NOT exclude short term rallies.
Whether we go up or down, there's always some sort of pullback taking place, which is healthy and nothing uncommon.
Thus I'm expecting a short term rally within the next few days before the final leg down.
Also notice how we had a similar pattern during the 2k13/2k14 bearmarket.
Regards & happy trading.
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Be aware that the push towards 8.400$ is not a scenario you should be confident of, but you should always CONSIDER different outcomes.
"Fortune favours the prepared mind" - Louis Pasteur
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Approaching Key Zone. RSI approaching resistance as well.
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Follow up volume is missing. BTC currently moving within wedge. Watchout for a breakout/breakdown at the blue zones.
Have you had a look at BTCUSDSHORTS graph on Tview? What does the vertical axis show, the nr of bitcoins shorted?
Keep it up! Following u now :D